Kentucky HB 599: AN ACT relating to taxation and declaring an emergency. Amend KRS 141.040 to lower the corporation income tax rate brackets effective January 1, 2019; amend various sections to conform; amend KRS 141.020 to lower the individual income tax rate brackets effective January 1, 2019, and to eliminate the personal credit for the taxpayer, spouse, and dependents; amend KRS 139.200 to increase the sales and use tax rate to eight percent effective October 1, 2018; amend various sections to conform; amend KRS 132.020 to eliminate the reduced rate on personal aircraft for property assessed; amend KRS 139.480 to sunset the exemptions for tombstones and other memorial grave markers and machinery used for recycling purposes effective July 1, 2018; amend KRS 139.531 to sunset the exemption for sales of horses less than two years of age effective July 1, 2018; amend KRS 139.538 to suspend the refundable credit until July 1, 2020, for the motion picture production industry and require reporting; create a new section in KRS Chapter 148 to suspend all applications for the film industry credit until July 1, 2020, and require reporting; amend KRS 148.8531 to suspend all applications until July 1, 2020, for tourism development projects and require reporting; amend various sections to conform; amend KRS 141.010 to change the pension income exclusion threshold and to include in adjusted gross income 50 percent of certain gains on the sale of a taxpayer's principal residence; amend KRS 141.390 to suspend until January 1, 2021, the income tax credit for recycling and composting equipment and require reporting; create a new section of KRS 171.396 to 171.397 to suspend applications until July 1, 2020, for certified rehabilitation projects and require reporting; amend KRS 243.886 to sunset the allowance for collecting and reporting certain alcohol beverage taxes effective July 1, 2018; amend KRS 140.210 to sunset the discount on certain inheritance tax payments for dates of death occurring on or after July 1, 2018; amend KRS 141.385 to suspend until January 1, 2021, the railroad maintenance tax credit and require reporting; amend KRS 141.386 to suspend until January 1, 2021, the railroad expansion tax credit and require reporting; amend KRS 143.010 and 143.025 to include transportation expense in the gross value of coal and natural resources severed or processed beginning July 1, 2018; amend various sections to conform; amend KRS 131.190 to exempt certain data provided to the Legislative Research Commission from the confidentiality standards applied to most tax return data; amend various sections to conform; EMERGENCY

Status: To Appropriations & Revenue (H) (as of 2018-03-01)

State: Kentucky · Session: 2018RS · Bill: HB 599

Sponsors: J. Petrie

View Kentucky HB 599 on LegisTrack → — full text, sponsors, votes, campaign finance, and cross-state matches.