Taxation, Inheritance And Estate
Kentucky 2020 Regular Session
AN ACT relating to tax expenditures. [HB-413]
[Taxes ]
[Budget and Spending ]
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.
Sponsored by: Rep. Jason Petrie
To Appropriations & Revenue (h) on 02/12/2020
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Gettr Kentucky 2020 Regular Session
AN ACT relating to Uniform Fiduciary Access to Digital Assets Act. [HB-156]
[Technology and Innovation ]
[Data Privacy ]
[Cybersecurity ]
[Consumer Protection ]
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
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Sponsored by: Rep. Ed Massey
Signed By Governor (acts Ch. 63) on 03/27/2020
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Kentucky 2020 Regular Session
AN ACT relating to property and trusts. [HB-155]
[Real Estate ]
[Taxes ]
[Finance ]
[Property Tax ]
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;
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Sponsored by: Rep. Ed Massey
Signed By Governor (acts Ch. 25) on 03/17/2020