KY HB120 | 2012 | Regular Session
Status
Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on January 3 2012 - 25% progression, died in committee
Action: 2012-01-03 - to Appropriations & Revenue (H)
Pending: House Appropriations and Revenue Committee
Text: Latest bill text (Draft #1) [MS Word]
Status: Introduced on January 3 2012 - 25% progression, died in committee
Action: 2012-01-03 - to Appropriations & Revenue (H)
Pending: House Appropriations and Revenue Committee
Text: Latest bill text (Draft #1) [MS Word]
Summary
Amend KRS 138.4602 to make the trade-in allowance permanent for motor vehicles purchased on or after October 1, 2012; amend various sections of KRS Chapter 139 to expand the sales and use tax base to include selected services and lower the tax rate; amend various sections of KRS Chapter 141 to apply the corporation income tax only to taxable years beginning before January 1, 2013; expand the base and lower the tax rate for individual income tax; tax all pass-through entity income at a flat rate of 2.5%; modify the tax rates for the limited liability entity tax; amend KRS 243.884 to decrease the rate for the wholesale alcohol tax to 5.5% from the current rate of 11%; and repeal various sections in KRS Chapter 139 to conform.
Title
AN ACT relating to taxation.
Sponsors
History
Date | Chamber | Action |
---|---|---|
2012-01-03 | to Appropriations & Revenue (H) | |
2012-01-03 | introduced in House |
Kentucky State Sources
Type | Source |
---|---|
Summary | http://www.lrc.ky.gov/record/12RS/HB120.htm |
Text | http://www.lrc.ky.gov/record/12RS/HB120/bill.doc |