HB 530 (BR 1328) - R. Rand, R. Adkins, L. Clark, R. Damron, J. Stacy, G. Stumbo
AN ACT relating to fiscal matters and declaring an emergency.
Amend KRS 138.4602 to clarify the trade-in allowance for the purchase of new vehicles and the $25 million cap on tax receipts related to the trade-in allowance; EMERGENCY.
HB 530 - AMENDMENTS
HCS - Retain the original provisions of the bill except that the trade-in allowance for new vehicle purchases is extended to June 30, 2011; amend KRS 45.777 to deposit into the general fund proceeds from the sale of major items of equipment or real property purchased in whole or in part with capital construction funds; amend KRS 48.005 to allow the Office of the Attorney General to recover reasonable costs of litigation, amend KRS 15.020 to conform, and create a new section of KRS Chapter 367 to conform; amend KRS 139.540 and 139.550 to accelerate sales and use tax payments; amend KRS 141.010 to decouple from the federal domestic production deduction and to allow a Kentucky domestic production deduction at a rate of 6 percent; amend KRS 141.011 to suspend the net operating loss deduction for any taxable year beginning after December 31, 2009, but before January 1, 2013; amend KRS 141.206 to require estimated tax payments from pass-through entities that have nonresident partners, members, or shareholders in the same manner and at the same time of resident partners, members, or shareholders and create a new section of KRS Chapter 141 to conform; amend KRS 141.388 to cap the new home tax credit at $15 million, allow certain individuals receiving the federal first-time homebuyer tax credit to also receive Kentucky's new home tax credit, and provide an extension of time for certain individuals to submit the application for the credit; amend KRS 148.546 to cap the film industry tax credit at $5 million during fiscal year 2010-2011 and $7.5 million for fiscal year 2011-2012; amend KRS 154.34-120 to provide that for certain approved companies the amount of incentives allowed in any year shall not exceed the lesser of the tax liability of the approved company related to the reinvestment project for that taxable year or 20 percent of the total amount of the approved costs; amend KRS 224.50-868 and 224.50-872 to remove the sunsetting provisions for the waste tire fee; create a new section of KRS Chapter 224A to allow an administrative fee for the Kentucky Infrastructure Authority for the administration of certain projects; create a new section of KRS Chapter 246 to allow the Department of Agriculture to promulgate administrative regulations for the establishment of fees related to the metrology lab; amend KRS 278.5499 to allocate 2 cents per access line per month for the telecommunications access program; amend KRS 304.17B-021 allow premium and retaliatory taxes to be deposited in the General Fund; amend KRS 393.125 to provide that unclaimed securities may be sold as directed by the Finance and Administration Cabinet; allow a company approved for incentives under Subchapter 48 of KRS Chapter 154 to determine the amount of income tax credit for the taxable year ending during the state 2011-2012 fiscal year only by multiplying the amount determined under KRS 141.430(2)(a)3. by 50 percent; allow the Department of Revenue to accept as full payment for any tax assessment that, as of January 19, 2010, has been protested and not been the subject of a final ruling the entire amount of the tax assessed, exclusive of interest and penalties, if the payment is made on or before June 15, 2010; declare an EMERGENCY.
SCS - Retain the original provisions of the bill except delete the amendments to KRS 48.005, 15.020, and a new section of KRS Chapter 367 related to the Office of the Attorney General's reasonable costs of litigation; delete the amendments to KRS 139.540 and 139.550 related to the acceleration of certain sales and use tax payments; delete the amendment to KRS 141.011 related to the suspension of net operating loss deductions for income tax purposes; delete the amendments to KRS 141.330 related to the acceleration of certain withholding tax payments; amend KRS 141.388 to extend the approved time for the new home tax credit to December 31, 2010; amend KRS 141.383, 148.544, and 148.546 to make the film industry tax credit nonrefundable; delete the amendments to KRS 224.50-868 and 224.50-872 related to the waste tire fee but allow the extension of the waste tire fee until June 30, 2012; delete the creation of a new section of KRS Chapter 224A related to an administrative fee imposed by the Kentucky Infrastructure Authority but allow the imposition of the administrative fee until June 30, 2012; delete the amendments to KRS 304.17B-021 related to the deposit of certain insurance tax receipts to the general fund but allow the deposit until June 30, 2012; delete the amendment to KRS 393.125 related to the Finance and Administration Cabinet's sale of unclaimed securities but allow the sale through June 30, 2012; allow an exemption to the license fee or tax imposed under KRS 91A.080 for premiums paid to insurance companies by non-profit, self-insurance groups whose membership consists of cities, counties, charter county governments, urban-county governments, consolidated local governments, school districts, or any other political subdivisions of the Commonwealth until June 30, 2012; create a new section of KRS Chapter 141 to establish the Endow Kentucky tax credit for taxable years beginning on or after January 1, 2011; amend KRS 154.60-010, 154.60-020, and 141.384 to allow the small business tax credit to apply to taxable years beginning after December 31, 2010; create new sections of KRS Chapter 141 to establish a new markets program development tax credit; amend KRS 141.0205 to conform; EMERGENCY.
SCA (1, E. Harris) - Create a new section of KRS Chapter 141 to establish the distilled spirits tax credit for taxable years beginning after December 31, 2011; amend KRS 141.0205 to conform.
Feb 25-introduced in House
Feb 26-to Appropriations & Revenue (H); posted in committee
Mar 1-taken from committee; 1st reading; returned to Appropriations & Revenue (H)
Mar 2-posted in committee; taken from committee; 2nd reading; returned to Appropriations & Revenue (H)
Mar 3-reported favorably, to Rules with Committee Substitute
Mar 4-taken from Rules Committee, placed in the Orders of the Day; 3rd reading, passed 64-36 with Committee Substitute
Mar 5-received in Senate; taken from committee; 1st reading; returned to Committee on Committees (S)
Mar 8-taken from committee; 2nd reading; returned to Committee on Committees (S)
Mar 9-to Appropriations & Revenue (S)
Mar 22-reported favorably, to Rules with Committee Substitute, committee amendment (1) ; posted for passage in the Regular Orders of the Day for Monday, March 22, 2010; 3rd reading, passed 35-3 with Committee Substitute, committee amendment (1) ; received in House; to Rules (H)
Mar 23-posted for passage for concurrence in Senate Committee Substitute, committee amendment (1) for Tuesday, March 23, 2010; House refused to concur in Senate Committee Substitute, committee amendment (1) ; received in Senate; posted for passage for receding from Senate Committee Substitute, committee amendment (1) ; Senate refused to recede from Committee Substitute, committee amendment (1) ; Conference Committee appointed in Senate
Mar 24-Conference Committee appointed in House