Kentucky House Bill 324 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Republican 1)
Status: Introduced on February 2 2016 - 25% progression, died in chamber
Action: 2016-02-04 - to Appropriations & Revenue (H)
Text: Latest bill text (Draft #1) [PDF]

Create new sections of KRS Chapter 141 and amend various sections of KRS Chapters 131, 141, and 154 to amend the calculation of the estimated tax penalty; clarify that no interest is due on estimated tax payments; allow for annualized income for taxpayers whose income fluctuates during the year; mimic the federal estimated tax penalty calculation as nearly as practicable; apply to taxable years beginning on or after January 1, 2016; amend KRS 131.183 to require an equalized interest rate for overpayments and underpayments of tax; amend KRS 141.010 to update the Internal Revenue Code reference date to December 31, 2015; apply the interest rate retroactively to all outstanding refund claims and outstanding notices of tax due for taxable years ending prior to the effective date of this Act and to all claims for those taxable years pending in any judicial or administrative forum.

AN ACT relating to taxation.

Rep. Jerry Miller [R]

Date	Chamber	Action
2016-02-04	House	to Appropriations & Revenue (H)
2016-02-02	House	introduced in House

Type	Source
Summary	http://www.lrc.ky.gov/record/16RS/HB324.htm
Text	http://www.lrc.ky.gov/record/16RS/HB324/bill.pdf
Supplement	http://www.lrc.ky.gov/record/16RS/HB324/FN.pdf