BillCam

Taxation, Inheritance And Estate

Number	Legislature	Summary	Subjects
HB-416	State (Kentucky)	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. Democrat: 100% (20) 100% Democrat support	Deaths Economic Development Effective Dates, Delayed Health And Medical Services Motor Carriers Poverty Retirement And Pensions Small Business Taxation Taxation, Income--corporate
HB-413	State (Kentucky)	Create a new section of KRS Chapter 7A to establish the Tax Expenditure Oversight Board; amend KRS 11.068 to require the annual production of a detailed estimate of the revenue loss resulting from each tax expenditure from the general fund and road fund; amend KRS 131.020 to require the Department of Revenue to collect, report, and provide data to the Tax Expenditure Oversight Board; amend KRS 131.190 to exempt the data provided by the Department of Revenue from the confidentiality standards for tax return data. Republican: 33% (2) Democrat: 66% (4) 33% Republican support 66% Democrat support	General Assembly Legislative Research Commission Taxation Taxation, Income--corporate Taxation, Income--individual Taxation, Inheritance And Estate Taxation, Property Taxation, Sales And Use Taxation, Severance Auditor Of Public Accounts
HB-156	State (Kentucky)	Establish KRS Chapter 395A and create new sections thereof to enact the Revised Uniform Fiduciary Access to Digital Assets Act to establish a framework for the management and disposition of digital assets upon death or incapacitation; define terms; set forth the applicability of the chapter to fiduciaries, personal representatives, conservators, and trustees, and provide that the chapter does not apply to a digital asset of an employer that is used by an employee in the ordinary course of business; prioritize user directions regarding disclosure over certain terms-of-service agreements; provide that the Act does not impair custodian and user access to records under terms-of-service agreements; establish procedures for disclosing digital assets; enumerate documentation required for a personal representative to gain access to content of electronic communications; enumerate documentation required to access digital assets other than the content of a decedent's electronic communications; enumerate documentation required for a person with power of attorney to gain access to the content of electronic communications of principal; enumerate documentation required to access digital assets other than the content of a principal's electronic communications; authorize disclosure to trustees who are original users of a trust's digital assets; enumerate documentation required for content disclosure to a trustee; enumerate documentation required for disclosure of a trust's digital assets other than content; enumerate documentation required for a conservator to gain access to a protected person's digital assets; apply fiduciary duties and authority to digital assets; provide compliance guidelines for the custodians of digital records; require that the chapter be applied to promote uniformity among the states; establish conformity with federal requirements related to electronic signatures and records; provide that the chapter may be cited as the Revised Uniform Fiduciary Access to Digital Assets Act (2015). Republican: 100% (1) 100% Republican support	Courts Fiduciaries Guardians Taxation, Inheritance And Estate Uniform Laws Wills And Estates Retroactive Legislation Civil Actions Civil Procedure
HB-155	State (Kentucky)	Create new sections of KRS Chapter 386 to establish the Kentucky Community Property Trust Act; set requirements for creation of community property trusts by spouses; amend KRS 141.019, relating to individual income tax, to provide that adjusted gross income does not include a change in the cost basis of the surviving spouse's share of property owned by a Kentucky community property trust occurring for federal income tax purposes; amend KRS 386.175 to provide that a second trust may be created from an original trust whose terms have been modified; create a new section of KRS Chapter 396 to provide that creditor claims are barred if not presented within 6 months after the appointment of a personal representative or if not presented within 60 days of a personal representative giving actual notice to the creditor; amend KRS 396.011 to require creditor claims to be brought within the earlier of 8 months after the decedent's death or the established time periods. Republican: 100% (1) 100% Republican support	Property Taxation Taxation, Income--individual Taxation, Inheritance And Estate Wills And Estates Banks And Financial Institutions Civil Actions Short Titles And Popular Names

Title: AN ACT relating to taxation.

Session: Kentucky 2020 Regular Session

Number: HB-416

Subjects: Deaths, Economic Development, Effective Dates, Delayed, Health And Medical Services, Motor Carriers, Poverty, Retirement And Pensions, Small Business, Taxation, Taxation, Income--corporate

Democrat: 100% (20)

Title: AN ACT relating to tax expenditures.

Session: Kentucky 2020 Regular Session

Number: HB-413

Subjects: General Assembly, Legislative Research Commission, Taxation, Taxation, Income--corporate, Taxation, Income--individual, Taxation, Inheritance And Estate, Taxation, Property, Taxation, Sales And Use, Taxation, Severance, Auditor Of Public Accounts

Republican: 33% (2) Democrat: 66% (4)

Title: AN ACT relating to Uniform Fiduciary Access to Digital Assets Act.

Session: Kentucky 2020 Regular Session

Number: HB-156

Subjects: Courts, Fiduciaries, Guardians, Taxation, Inheritance And Estate, Uniform Laws, Wills And Estates, Retroactive Legislation, Civil Actions, Civil Procedure

Republican: 100% (1)

Title: AN ACT relating to property and trusts.

Session: Kentucky 2020 Regular Session

Number: HB-155

Subjects: Property, Taxation, Taxation, Income--individual, Taxation, Inheritance And Estate, Wills And Estates, Banks And Financial Institutions, Civil Actions, Short Titles And Popular Names

Republican: 100% (1)

Taxation, Inheritance And Estate

HB-416

State (Kentucky)

HB-413

State (Kentucky)

HB-156

State (Kentucky)

HB-155

State (Kentucky)