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HB399 (BR832) - T. Thompson, J. Miller
AN ACT relating to taxation.
Create new sections of KRS Chapter 141 and amend various sections of KRS Chapters 131, 141, and 154 to amend the calculation of the estimated tax penalty; clarify that no interest is due on estimated tax payments; allow for annualized income for taxpayers whose income fluctuates during the year; mimic the federal estimated tax penalty calculation as nearly as practicable; apply to taxable years beginning January 1, 2015; amend KRS 131.183 to apply the calculated interest rate to both overpayments and underpayments; apply retroactively to all outstanding refund claims and notices of tax due.
Feb 10, 2015 - introduced in House
Feb 11, 2015 - to Appropriations & Revenue (H)