06RS HB571


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Includes opposite chamber sponsors where requested by primary sponsors of substantially similar bills in both chambers and jointly approved by the Committee on Committees of both chambers. Opposite chamber sponsors are represented in italics.

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)

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