HB 418 (BR 1122) - L. Belcher, C. Rollins II, J. Adams, R. Crimm, J. DeCesare, B. DeWeese, B. Farmer, D. Floyd, D. Graham, D. Horlander, J. Jenkins, R. Meeks, T. Mills, B. Montell, D. Osborne, D. Owens, R. Palumbo, S. Santoro, S. Westrom
AN ACT relating to the taxation of the distilled spirits industry.
Create a new section of KRS Chapter 141 to allow a distilled spirits credit equal to the amount of distilled spirits ad valorem tax timely paid in the taxable year and used for capital improvements at the premise of the distiller; provide for recapture of the tax credit if the capital improvement is sold or otherwise disposed of prior to the useful life of the asset being exhausted; amend KRS 141.0205 to order the credit; apply to taxable years beginning after December 31, 2012.
HB 418 - AMENDMENTS
HFA (1, L. Belcher) - Include the purchase of barrels and pallets as a capital improvement.
Feb 9-introduced in House
Feb 10-to Appropriations & Revenue (H); floor amendment (1) filed