06RS HB705


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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 705 (BR 1630) - S. Brinkman, J. Bowen, R. Crimm, J. DeCesare, W. Dedman Jr, B. DeWeese, J. Draud, S. Nunn, D. Osborne

     AN ACT relating to taxation.
     Amend KRS 141.010 to change definition of "corporation" and add new definitions; amend KRS 141.0205 to recognize changes in credits; amend KRS 141.040 to remove alternative minimum calculation and minimum tax and change corporate rates; create a new section of KRS Chapter 141 to impose a new limited liability entity tax to replace the alternative minimum calculation; allow as a credit against income tax; create a new section of KRS Chapter 141 to impose a new limited liability privilege tax to replace the corporate minimum tax; amend KRS 141.042 to recognize new corporate tax structure; amend KRS 141.120 to clarify how a corporation that owns an interest in a pass-through entity apportions income; amend KRS 141.200 to recognize changes in definition of "corporation"; amend KRS 141.205 to recognize changes in definitions and to clarify the exclusion of related party transactions; amend KRS 141.206 to recognize pass-through entities and to require withholding on certain nonresidents; amend KRS 141.208 to treat limited liability companies for Kentucky tax purposes the same as for federal tax purposes; amend KRS 141.420 to limit credit to tax years beginning during 2005; amend KRS 141.347, 141.400, 141.401, 141.403, 141.405, 141.407, 141.414, 141.415, 141.418, 141.424, 141.428, 141.011, 141.068, 141.130, 141.430, 141.390, 136.505, 154.01-010, 144.125, 144.139, 154.12-2084, 154.12-2086, 154.20-258, 154.23-040, 154.26-090, 154.34-080, and 154.48-025 to conform; make effective for tax years beginning on or after January 1, 2006.

     Feb 27-introduced in House
     Feb 28-to Appropriations and Revenue (H)

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