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)