HB 529 (BR 1055) - De. Butler, J. Kay, D. Floyd, J. Adams, K. Bratcher, Dw. Butler, R. Crimm, R. Damron, J. DeCesare, B. DeWeese, J. Donohue, M. Dossett, K. Flood, D. Horlander, J. Jenkins, K. King, A. Koenig, M. Marzian, R. Meeks, S. Miles, C. Miller, T. Mills, B. Montell, D. Osborne, S. Overly, D. Owens, R. Palumbo, J. Richards, S. Riggs, S. Santoro, A. Simpson, D. St. Onge, T. Thompson, B. Waide, R. Webber, S. Westrom, A. Wuchner
AN ACT relating to the taxation of the distilled spirits industry.
Create a new section of KRS Chapter 141 to allow a distilled spirits income tax credit equal to the amount of distilled spirits ad valorem tax timely paid and used for capital improvements at the premises of the distiller; provide for recapture of the tax credit if the capital improvement is sold or otherwise disposed of prior to the useful life of the asset being exhausted; apply to taxable years beginning on and after January 1, 2015; amend KRS 141.0205 to order the credit.
Mar 4-introduced in House
Mar 5-to Appropriations & Revenue (H)