HB 342 (BR 1240) - R. Palumbo, J. Barrows, C. Belcher, J. Crenshaw, R. Damron, D. Graham, C. Hoffman, S. Lee, T. McKee, B. Montell, D. Pasley, R. Rand, J. Richards, K. Stein, K. Upchurch
AN ACT relating to breeders' incentives, making an appropriation therefore and declaring an emergency.
Amend KRS 139.531 to define "nonresident" and exempt horses less than two years of age from taxes imposed under KRS Chapter 139, even if the horse is not immediately transferred out of the state at the time of sale or upon completion of training; create new sections of KRS Chapter 230 to allocate moneys collected from the sales and use taxes imposed on the fees paid for breeding a stallion to a mare in Kentucky to the breeders incentive funds for thoroughbreds, standardbreds, and other breeds of horses; authorize the Kentucky Horse Racing Authority and the Revenue Cabinet to promulgate administrative regulations to effectuate the breeders programs.
Feb 7-introduced in House
Feb 8-to Appropriations and Revenue (H)