98RS HB419


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HB 419/FN (BR 1370) - M. Long, P. Clark, D. Horlander

     AN ACT relating to revenue and taxation and declaring an emergency.
     Amend KRS 136.500 to change the Internal Revenue Code and National Bank Act reference date from December 31, 1995, to December 31, 1997; add definition for Kentucky obligations; amend KRS 136.515 to provide that savings and loan associations that combine with a bank are allowed a credit on their bank franchise tax return for tax paid as a savings and loan association during the year of combination; amend KRS 141.010 to exclude the distributive share of a shareholder's income from a S corporation subject to the bank franchise tax or the capital stock tax; provide that the amendment contained in Section 3 of the Act applies for taxable years beginning after December 31, 1996, and the amendments contained in Sections 1 and 2 of the Act apply for taxable years beginning after December 31, 1997; EMERGENCY.


     HCA (1, M. Long) - Retain original provisions of the bill; provide that distributive shares of a shareholder's net income from an S corporation related to a qualified subchapter S subsidiary are to be excluded from adjusted gross income.

     Jan 26-introduced in House
     Jan 27-to Appropriations and Revenue (H)
     Feb 12-posted in committee
     Feb 17-reported favorably, 1st reading, to Calendar with Committee Amendment (1)
     Feb 18-2nd reading, to Rules
     Feb 19-posted for passage in the Regular Orders of the Day for February 20, 1998
     Feb 23-3rd reading, passed 86-1 with Committee Amendment (1)
     Feb 24-received in Senate
     Feb 25-to Appropriations and Revenue (S)
     Mar 24-reported favorably, 1st reading, to Consent Calendar
     Mar 25-2nd reading, to Rules; posted for passage in the Consent Orders of the Day for March 26, 1998
     Mar 26-3rd reading, passed 36-0; received in House; enrolled, signed by each presiding officer
     Mar 27-delivered to Governor
     Apr 7-signed by Governor

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