HB 1/FN (BR 27) - C. Belcher, H. Moberly Jr, R. Adams, R. Adkins, A. Arnold, J. Arnold Jr, E. Ballard, J. Barrows, S. Baugh, J. Bowen, S. Brinkman, J. Bruce, T. Burch, Dw. Butler, J. Carr, M. Cherry, L. Clark, H. Collins, J. Comer Jr, H. Cornett, T. Couch, J. Crenshaw, R. Crimm, R. Damron, W. Dedman Jr, M. Denham, B. DeWeese, J. Draud, T. Edmonds, C. Embry Jr, B. Farmer, J. Fischer, D. Floyd, D. Ford, J. Gooch Jr, D. Graham, J. Gray, W. Hall, M. Harmon, M. Harper, M. Henley, C. Hoffman, J. Hoover, D. Horlander, D. Keene, T. Kerr, S. Lee, Ji. Lee, G. Lindsay, G. Lynn, P. Marcotte, T. McKee, C. Meade, R. Meeks, C. Miller, R. Mobley, B. Montell, L. Napier, R. Nelson, S. Nunn, D. Osborne, D. Owens, R. Palumbo, D. Pasley, T. Pullin, M. Rader, R. Rand, F. Rasche, J. Richards, S. Riggs, T. Riner, T. Shelton, C. Siler, A. Simpson, A. Smith, B. Smith, J. Stewart III, T. Thompson, K. Upchurch, J. Vincent, M. Weaver, R. Webb, R. Weston, R. Wilkey, A. Wuchner, B. Yonts
AN ACT relating to taxation and declaring an emergency.
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"; move definitions relating to the alternative minimum tax to a new section; amend KRS 141.0205 to recognize changes to types of credits; amend KRS 141.040 to recognize change in corporate definitions; create a new section of KRS Chapter 141 for the alternative minimum calculation and provide an exclusion; 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; amend KRS 141.206 to recognize changes in definitions and to require withholding on nonresident owners of pass-through entities; allow limited exceptions; 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 the individual credit for tax years beginning during 2005 and 2006; amend various economic development and tax credit sections to conform.
HB 1 - AMENDMENTS
HCS/FN - Provide an exemption from sales tax for the purchase of tangible personal property used to construct, repair, renovate, or upgrade a coal-based near zero emission power plant.
HFA (1, J. Fischer) - Remove the alternative minimum calculation and the limited liability entity tax as of January 1, 2006.
HFA (2, S. Lee) - Repeal the alternative minimum calculation, effective for tax years beginning on or after January 1, 2006.
HFA (3, R. Nelson) - Retain original provisions; add language to reinstate appropriations for coal severance projects included in 2006 HB 380 and vetoed by the Governor.
HFA (4/Title, R. Nelson) - Make title amendment.
Jun 22-introduced in House; to Appropriations and Revenue (H); posting waived; reported favorably, 1st reading, to Calendar
Jun 23-2nd reading, to Rules; recommitted to Appropriations and Revenue (H); floor amendment (1) filed
Jun 26-floor amendment (3) filed to Committee Substitute, floor amendments (2) and (4-title) filed ; reported favorably, to Rules with Committee Substitute ; posted for passage in the Regular Orders of the Day for Monday, June 26, 2006; 3rd reading, passed 95-0 with Committee Substitute ; received in Senate; 1st reading; to Appropriations and Revenue (S)
Jun 27-taken from committee; 2nd reading; returned to Appropriations and Revenue (S)
Jun 28-reported favorably, to Rules; posted for passage in the Regular Orders of the Day for Wednesday, June 28, 2006; 3rd reading, passed 36-0-0; received in House; enrolled, signed by each presiding officer; delivered to Governor; signed by Governor (Acts ch. 2)