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HB 61/FN/LM (BR 296) - J. Gooch Jr., J. Blanton, M. Castlen, M. Hart
AN ACT relating to the allocation of severance tax revenues to local governments.
Amend KRS 42.450 to increase the amount of minerals severance and processing taxes distributed to local governments through the local government economic assistance fund (LGEAF) to 100% of taxes collected, from the current 50%, over a five-year period; amend KRS 42.4582 and 42.4585 to similarly increase the amount of coal severance and processing taxes distributed to local governments through the local government economic development fund and LGEAF to 60% and 40% of taxes collected, from the current 35% and 15%, respectively, over the same five-year period.
Oct 25, 2016 - Prefiled by the sponsor(s).
Jan 03, 2017 - introduced in House; to Appropriations & Revenue (H)