HB 110 (BR 184) - R. Webb, J. Stacy, Ro. Adams, R. Adkins, A. Arnold, C. Belcher, B. Colter, B. Crall, R. Crimm, R. Damron, M. Denham, J. Gooch, J. Jenkins, J. Stewart, G. Tapp, R. Thomas, M. Treesh
AN ACT relating to taxation.
Amend KRS 248.709 to require the Agricultural Development Board to review proposals from tobacco warehouses that are seeking sales and income tax exemptions relating to renovation and repair projects; amend KRS 139.480 to exempt materials used in the renovation or repair of tobacco warehouses from sales and use tax, provided the warehouse is used for an agricultural diversification purpose and the renovation project is approved by the Agricultural Development Board; create a new section of KRS Chapter 141 to allow an income tax credit of thirty percent of the cost of a renovation project to the owner of a tobacco warehouse that renovates a warehouse for an agricultural diversification purpose if the renovation project is approved by the Agricultural Development Board; amend KRS 141.0205 to conform.
HB 110 - AMENDMENTS
HCS - Amend KRS 139.480 to exempt materials used in renovating or repairing tobacco warehouses from the sales and use tax; create a new section of KRS Chapter 141 to allow a taxpayer to claim a tax credit against costs incurred in the renovation, repair, demolition, or clean up of a tobacco warehouse equal to 30% of the amount of the costs; amend KRS 141.0205 to prioritize tax credits claimed for tobacco warehouses; and make the provisions of the sales tax exemptions retroactive to January 1, 2001.
Jan 5-introduced in House
Feb 6-to Agriculture and Small Business (H)
Feb 9-posted in committee
Feb 15-reported favorably, 1st reading, to Calendar with Committee Substitute
Feb 16-2nd reading, to Rules
Feb 19-recommitted to Appropriations and Revenue (H)