AN ACT relating to revenue and taxation.
     Amend KRS 136.320 to reduce the rate imposed against taxable capital from $0.70 per $100 to $0.01 per $100 over 6 years, and to impose a premiums tax beginning in 2000 at a rate of $0.38 per $100, phasing up over a 6-year period to $1.50 per $100; amend KRS 136.330 to reduce the premiums tax over a 6-year period from $1.90 per $100 to $1.50 per $100, and exclude annuities from tax base beginning in the year 2000; create a new section of KRS Chapter 136 to require companies incorporated under the laws of and doing business in Kentucky to make an irrevocable election to be taxed under KRS 136.320 or 136.330; amend KRS 136.377 to delete redundant language; amend KRS 304.42-130 to allow the tax imposed by Section 1 of the Act to be offset against any assessment paid by a company.

     Feb 19-introduced in House
     Feb 20-to Appropriations and Revenue (H)
     Mar 2-posted in committee
     Mar 5-reported favorably, 1st reading, to Calendar
     Mar 6-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for March 9, 1998
     Mar 10-3rd reading, passed 91-1
     Mar 11-received in Senate
     Mar 12-to Appropriations and Revenue (S)
     Mar 17-reported favorably, 1st reading, to Consent Calendar
     Mar 18-2nd reading, to Rules
     Mar 19-posted for passage in the Consent Orders of the Day for March 23, 1998
     Mar 23-3rd reading, passed 37-1
     Mar 24-received in House; enrolled, signed by each presiding officer, delivered to Governor
     Apr 1-signed by Governor