05RS HB276

HB276

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HB 276/FN (BR 448) - J. Wayne, M. Marzian, R. Adams, A. Arnold, T. Burch, J. Crenshaw, W. Hall, J. Jenkins, R. Meeks, R. Nelson, D. Owens, K. Stein, B. Yonts

     AN ACT relating to revenue and taxation.
     Create a new section of KRS Chapter 136 to sunset the provisions of the corporate license tax; amend KRS 139.340 to expand the sales tax nexus standard; amend KRS 141.010 to expand corporate income tax nexus, to define corporations as including all limited liability entities, and to exclude distributive share income or loss from the gross income of member or partner corporations; amend KRS 141.011 to disallow net operating loss carrybacks; amend KRS 141.0205 to add the flow-through credit for individuals; amend KRS 141. 040 to incorporate the doing-business standard, to provide an exemption for qualified exempt organizations, and to allow electing members/partners to pay a proportionate share of tax due; amend KRS 141.120 to expand the definition of business income; amend KRS 141.200 to require the filing of consolidated returns by affiliated groups; amend KRS 141.206 to revise filing requirements for general partnerships and trusts; create a new section of KRS Chapter 141 to establish reporting and payment requirements for corporations, to address basis issues, and to provide a pass-through credit for individual partners and members; create new sections of KRS Chapter 141 to establish a business enterprise tax and to set forth the requirements for payment of the tax; provide a credit against the corporate income tax in the amount of the business enterprise tax paid; amend various provisions of the KRS to conform; amend KRS 136.071 to provide options for computing capital for corporations that hold securities in other companies equal to 50 percent of total assets; provide for effective dates.

     Feb 3-introduced in House
     Feb 4-to Appropriations and Revenue (H)


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