HB 571/FN (BR 1901) - H. Moberly Jr
AN ACT relating to taxation.
Amend KRS 141.010 to change the definition of "corporation" and add definitions of "pass-through entity," "S corporation," and "limited liability pass-through entity"; amend KRS 141.0205 to recognize changes to types of credits; amend KRS 141.040 to recognize change in corporate definitions and to keep 7% as top corporate tax rate; create a new section of KRS Chapter 141 to address changes in the structure of the alternative minimum calculation; create a new section of KRS Chapter 141 to impose the replacement for the corporation minimum tax; amend KRS 141.042 to include the new alternative minimum calculation language; amend KRS 141.120 to address pass-through entity apportionment; amend KRS 141.200 to recognize changes to corporate definitions; amend KRS 141.205 to recognize changes to corporate definitions and to make a technical correction; amend KRS 141.206 to recognize changes in definitions and to require withholding on nonresident owners of pass-through entities, allow limited exceptions, and determine basis in an ownership interest; amend KRS 141.208 to treat limited liability companies for tax purposes as they are treated by the IRS; amend KRS 141.420 to apply for tax years beginning during 2005; amend KRS 141.011, 141.068, 141.130, 141.347, 141.400, 141.401, 141.403, 141.405, 141.407, 141.414, 141.415, 141.418, 141.424, 141.428, 141.430, 141.390, 136.505, 154.01-010, 144.125, and 144.139 to conform; make effective for tax years beginning on and after January 1, 2006.
Feb 13-introduced in House
Feb 14-to Appropriations and Revenue (H)