HB 120 (BR 236) - B. Farmer, J. Hoover
AN ACT relating to taxation.
Amend KRS 138.4602 to make the trade-in allowance permanent for motor vehicles purchased on or after October 1, 2012; amend various sections of KRS Chapter 139 to expand the sales and use tax base to include selected services and lower the tax rate; amend various sections of KRS Chapter 141 to apply the corporation income tax only to taxable years beginning before January 1, 2013; expand the base and lower the tax rate for individual income tax; tax all pass-through entity income at a flat rate of 2.5%; modify the tax rates for the limited liability entity tax; amend KRS 243.884 to decrease the rate for the wholesale alcohol tax to 5.5% from the current rate of 11%; and repeal various sections in KRS Chapter 139 to conform.
(Prefiled by the sponsor(s).)
Jan 3-introduced in House; to Appropriations & Revenue (H)