HB 518/FN (BR 1906) - J. Callahan
AN ACT relating to revenue and taxation.
Amend KRS 132.320 to require the Revenue Cabinet to send a list of each taxpayer making a payment and the amount of the payment to local taxing districts at the time that funds collected by the cabinet on behalf of local taxing districts are made.
HB 518 - AMENDMENTS
HCS/FN - Retain original provisions; specify that information be subject to confidentiality and reciprocity provisions of KRS 131.190(2).
SFA (1, E. Scorsone) - Amend and create various sections of the Kentucky Revised Statutes to reverse the ITW decision for past tax years; repeal the corporate license tax; provide for the inclusion of all limited liability entities in the corporate tax base; require mandatory consolidated filing for corporations with nexus in Kentucky; disallow the deduction of certain intangible transactions between related entities; reduce the top marginal corporate tax rate to 6%; impose an alternative minimum calculation based on 9.5 cents per $100 of gross receipts; impose a minimum tax of $250; disallow the net operating loss carryback; expand the definition of "doing business"; reduce the top individual income tax marginal rate to 5.68%; freeze the pension exclusion at the current amount of $40,200 per year; increase the low-income tax credit to $12,000; allow a credit for taxes paid at the corporate level to be passed through to individual members or partners of limited liability entities; repeal the intangible property tax; allow the exclusion of new property in calculating the HB 44 rate; provide a sales and use tax refund for construction and research and development expenses with a total overall limit of approvals for refunds during any year of $25 million; provide a three-day sales tax holiday in 2004 and 2005; expand the sales tax nexus definition; impose a surtax of 26 cents per pack on cigarettes, along with a floor stock tax; impose a tax on smokeless tobacco and other tobacco products; impose an equity assessment on nonparticipating manufacturers; repeal two existing taxes and increase the rate of the wholesale sales tax on distilled spirits, beer, and wine; replace several local and state levies with a uniform communications excise tax at a rate of 7.62% on revenues from the provision of telecommunications services, include in the base both cable and direct broadcast satellite; impose a 1% tax on receipts from the rental of lodging to be deposited in a fund dedicated to supporting and promoting tourism; amend and repeal various sections to conform; provide for various effective dates.
Feb 17-introduced in House
Feb 18-to Appropriations and Revenue (H)
Feb 20-posted in committee
Feb 24-reported favorably, 1st reading, to Calendar with Committee Substitute
Feb 25-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for Thursday, February 26, 2004
Feb 26-3rd reading, passed 95-1 with Committee Substitute
Feb 27-received in Senate
Mar 3-to Appropriations and Revenue (S)
Mar 22-taken from committee; laid on clerk's desk; taken from clerk's desk; 1st reading; returned to Appropriations and Revenue (S); floor amendment (1) filed
Mar 23-taken from committee; 2nd reading; returned to Appropriations and Revenue (S)