Kentucky House Bill 416 (Prior Session Legislation)

---

Spectrum: Partisan Bill (Democrat 20-0)
Status: Introduced on February 12 2020 - 25% progression, died in committee
Action: 2020-02-14 - to Appropriations & Revenue (H)
Pending: House Appropriations and Revenue Committee
Text: Latest bill text (Introduced) [PDF]

Amend KRS 132.020 to freeze the state property tax rate and eliminate the tax rate reduction for qualified heavy equipment; amend KRS 138.130 to define vapor products and include vapor products in the definition of tobacco products; amend KRS 138.140 to increase the tax on cigarettes, snuff, chewing tobacco, and tobacco products; and to remove the discount for modified risk tobacco products; amend KRS 138.143 to require a floor stock tax; amend KRS 138.510 to impose specific surtax amounts on horse racing wagers and to require the revenue generated from the surtaxes to be deposited into the general fund; amend KRS 139.010 to remove boat ramp fees from the list of fees not considered to be taxable admissions; amend KRS 139.200 to remove the tax on small animal veterinary services and to make other various services taxable; amend KRS 139.470 remove the exemption of gross receipts from the sale of semi-trailers and trailers and to include the new taxable services in the de minimis rule; amend KRS 139.480 to remove the exemption for various types of properties; amend KRS 140.130 to impose an estate tax; amend KRS 141.010 to define married and unmarried individuals and allow a single column return and a single calculation of adjusted gross income with differing thresholds for married and unmarried individuals; amend KRS 141.019 to require a dollar-for-dollar reduction to the retirement income exclusion and to limit the itemized deduction amount for all itemized deductions except for the charitable contribution deduction; amend KRS 141.020 to establish graduated tax rate brackets and a phase out based on income level; amend KRS 141.081 to increase the standard deduction; amend KRS 141.066 to expand the family size tax credit; amend KRS 141.040 to increase the tax rate to 7%; amend KRS 141.0401 to lower the threshold amounts for determining the tax amount owed; amend KRS 141.120 to reinstate the three-factor apportionment formula and include a throw-back rule; amend KRS 141.039 to eliminate the deferred tax deduction; amend KRS 141.201 to sunset the election for consolidated reporting; amend KRS 141.202 to alter the filing requirement basis from waters-edge to world-wide; amend KRS 141.383 to reduce the annual cap; amend KRS 141.433 to sunset the new markets tax credit; amend KRS 142.303 to eliminate the cap on calculation of gross receipts; make conforming changes.

AN ACT relating to taxation.

Rep. Lisa Willner [D]	Rep. Attica Scott [D]	Rep. Charles Booker [D]	Rep. George Brown [D]
Rep. Thomas Burch [D]	Rep. Jeffery Donohue [D]	Rep. Kelly Flood [D]	Rep. James Glenn [D]
Rep. Derrick Graham [D]	Rep. Joni Jenkins [D]	Rep. Nima Kulkarni [D]	Rep. Mary Marzian [D]
Rep. Reginald Meeks [D]	Rep. Russ Meyer [D]	Rep. Charles Miller [D]	Rep. Patti Minter [D]
Rep. Ruth Palumbo [D]	Rep. Josie Raymond [D]	Rep. Susan Westrom [D]	Rep. Buddy Wheatley [D]

Date	Chamber	Action
2020-02-14	House	to Appropriations & Revenue (H)
2020-02-12	House	introduced in House

Type	Source
Summary	https://apps.legislature.ky.gov/record/20RS/hb416.html
Text	https://apps.legislature.ky.gov/recorddocuments/bill/20RS/hb416/orig_bill.pdf