HB 285 (BR 838) - J. Gooch, R. Crimm
AN ACT relating to taxation, making an appropriation therefor, and declaring an emergency.
Create new sections of KRS Chapter 136 to establish definitions for "cabinet," "electric generating unit," and "kilowatt"; authorize tax and set tax rate on production of electricity by electric generating units; establish registration requirements and dates for collection of tax from electric generating units; provide procedures for redress due to overpayment or underpayment of tax; establish right of appeal; establish record keeping requirements for electric generating units; require electric generating units to submit tax with form prescribed by cabinet; grant authority to the cabinet to collect tax; permit the cabinet to require security for tax liability and specify methods for recovering tax from security; permit the cabinet to obtain restraining order or temporary or permanent injunction to obtain security; make corporate officers personally and individually liable for tax; make managers of limited liability companies or partners of registered limited liability partnerships personally and individually liable for tax; impose penalties, including KRS 131.180, for violation of the provisions of the Act; provide for the transfer of $19,000,000 from energy production taxes to the benefit reserve fund; amend KRS 42.450 to transfer 15% of the energy production tax to the local government economic assistance fund; amend KRS 42.4582 to sunset transfer of coal severance tax to the local government economic development fund and require transfer of 33.25% of the energy production tax from the general fund to the local government economic development fund; establish allocations and methodology for transfer of funds from the local government economic development fund to coal producing and coal impact counties; amend KRS 42.4586 to establish sunset date for the transfer of moneys from the local government economic development fund to the secondary wood products development fund; amend KRS 42.470 to sunset allocation methodology for transferring funds from local economic assistance fund to counties based on collection of coal severance and establish allocation methodology based on coal production; amend KRS 42.4585 to establish sunset date for transfer amounts from the local government economic development fund to the local economic assistance fund and for the transfer of coal severance funds to the benefit reserve fund; amend KRS 42.4592 to sunset the existing allocation methodology for transferring remaining local government economic development funds; amend KRS 48.112 to require $19,000,000 of energy production taxes be transferred to the benefit reserve fund; amend KRS 141.0405 to include energy production tax as a tax credit for eligible electric generating units; amend KRS 143.020 to sunset the collection of coal severance tax on June 30, 2003; amend KRS 143.023 to sunset the tax on coal used for burning solid waste on June 30, 2003; amend KRS 143.090 to require the cabinet to certify energy production taxes collection; amend KRS 154.47-070 to transfer 1.75% of the energy production tax to the secondary wood products development fund; amend KRS 342.122 to sunset the use of coal severance receipts in the methodology for determining unfunded liability of the special fund and require the cabinet to transfer $19,000,000 of energy production taxes to the benefit reserve fund; EMERGENCY.
Feb 4-introduced in House
Feb 5-to Appropriations and Revenue (H)