HB 8 — AN ACT relating to fiscal matters, making an appropriation therefor, and declaring an emergency.

Summary

AN ACT relating to fiscal matters, making an appropriation therefor, and declaring an emergency.

Bill Text

Action History

1. Free Conference Committee Report 1

2. Amend KRS 224.60-130 to extend the date for reimbursements of corrective action projects using moneys in the petroleum storage tank account; amend KRS 224.60-142 to extend the date of registration for owners of petroleum storage tanks containing motor fuels in order to be eligible to participate in the fund; extend the date allowing owners and operators to submit affidavits and applications through July 15, 2031, relevant to current petroleum storage tank accounts; amend KRS 224.60-145 to extend the small operator assistance and small operator tank removal accounts to July 15, 2031; amend KRS 224.50-868 to extend the fee currently imposed for each new motor vehicle, trailer, or semitrailer tire sold in Kentucky to July 1, 2026; create a new section of KRS Chapter 131 to require the Department of Revenue to submit an annual report to the Legislative Research Commission and the Interim Joint Committee on Appropriations and Revenue pertaining to tax law changes and actions taken by the department; amend KRS 138.510 to redistribute up to $250,000 per fiscal year in historical horse racing pari-mutuel tax revenues to the Kentucky Horse Racing Commission for the benefit of Thoroughbred, standardbred, and American quarter horse aftercare facilities in Kentucky and up to $250,000 per fiscal year to the Kentucky equine management internship program; eliminate distributions of the excise tax on historical horse races to the Kentucky Thoroughbred and standardbred breeders incentive funds; include the Bluegrass Community and Technical College in the distribution of pari-mutuel tax revenues that are required to be used for construction, expansion or renovation of facilities or the purchase of equipment for equine programs; require the host track to grant the Tourism, Arts, and Heritage Cabinet a race title sponsorship and promotional package at multiple-day international harness racing events with purses and awards over $5,000,000; amend KRS 230.770 to require that $75,000 each fiscal year be transferred from the Kentucky standardbred development fund to the Kentucky problem gambling assistance account; require the racing commission to account for all moneys within the standardbred development fund by separating those moneys as required for distribution: establish an international harness racing event reserve account for a Kentucky track that hosts an international harness racing event spanning several days and distributes at least $5,000,000 in purses and awards; beginning July 31, 2024, provide that $300,000 from the standardbred development fund be transferred annually to the international harness racing reserve account until the reserve account reaches $900,000; amend KRS 230.400 to require that $100,000 each fiscal year be transferred from the Kentucky Thoroughbred development fund to the Kentucky problem gambling assistance account; amend KRS 230.445 to require that $25,000 each fiscal year be transferred from the Kentucky quarter horse, paint horse, Appaloosa, and Arabian development fund to the Kentucky problem gambling assistance account; amend KRS 138.513 to make a technical correction; amend KRS 139.470 to increase the de minimis filing threshold to $12,000; amend KRS 139.480 to exempt the sale, use, storage, or consumption of currency and bullion from sales and use tax; amend KRS 140.040 to define "power of appointment" to mean only a general power of appointment; create a new section of KRS Chapter 141 to allow an income tax credit for the sales and use tax paid on a qualified broadband investment in this state; amend KRS 141.0205 to order the tax credit; amend KRS 141.010 to update the Internal Revenue Code reference date to the Internal Revenue Code in effect on December 31, 2023, for income tax purposes; amend KRS 141.020 to further define "GF appropriations" to exclude any appropriation from the budget reserve trust fund account that is solely supported by moneys from the budget reserve trust fund account and specifically identified in the appropriation language as not being a GF appropriation; amend KRS 141.039 to delay the deferred tax deduction until January 1, 2026, amend KRS 143.022 to allow refunds of tax paid on coal transported directly to a market outside of North America until July 1, 2026; amend KRS 186.010 to eliminate the definition of "hybrid vehicle"; amend KRS 186.050 and 138.475 to remove hybrid vehicles from the electric vehicle ownership fee; amend KRS 186.531 to eliminate fees for obtaining a personal identification card; amend KRS 131.010 to define "administrative writings" and "tax form"; amend KRS 131.020 to establish requirements for the Office of Tax Policy and Regulation within the Department of Revenue to publish administrative writings, tax forms, and instructions to the tax forms on its website; amend KRS 131.030, 131.081, 131.130, and 131.131; amend KRS 138.472 to define terms; allow a bad debt deduction for the motor vehicle rental and ride share excise tax; amend KRS 154.30-010 to allow modified new revenues for income tax to be used for calendar years 2023 to 2026; amend KRS 186.162 to require the Transportation Cabinet to identify the cost of issuing a child victims' trust fund special license plate; require transfer of revenues received in excess of the cost to the child victims' trust fund; amend KRS 68.200 to define "gross receipts"; apply the license fee to gross receipts derived from transportation network company services; amend KRS 141.020 and 141.040 relating to the exclusions from income tax earned by nonresident disaster response employees and businesses, to extend the sunset date to January 1, 2027; create new sections of Subchapter 20 of KRS Chapter 154 for a sales and use tax exemption for data centers to define terms; make declarations and state purposes for the sales and use tax incentive; provide a process for companies to apply; prohibit the rehabilitation or replacement of existing data centers; require a memorandum of agreement between the Cabinet for Economic Development and an eligible company; create a new section of KRS Chapter 139 to allow a sales and use tax exemption for a preliminarily approved company or an approved company; amend KRS 131.400, 131.420, 131.435, 131.440, and 131.445 to require the Department of Revenue to offer a tax amnesty program; amend KRS 131.190 to allow reporting of information by the department; allow the Executive Branch Ethics Commission to increase their registration fee to provide funding for a new online filing system; require the Office of the State Budget Director to submit reports on tax expenditure recommendations to the Legislative Research Commission and the Interim Joint Committee on Appropriations and Revenue; provide various revenue measures for the operation of certain state agencies; make technical corrections; apply specified provisions to 2023-2024, 2024-2025, and 2025-2026 fiscal years; EMERGENCY. ; APPROPRIATION; EMERGENCY; EFFECTIVE, in part, August 1, 2024, and January 1, 2025.

3. Technical Corrections - HB 8 FCCR Disasters - Income taxation of disaster response employees and businesses, exemptions, sunset date extension Economic Development - Sales and use tax exemption, data centers Economic Development - Tax increment financing, calculation of modified new revenues Effective Dates, Delayed - Rental ride share excise tax, bad debt deduction, August 1, 2024 Effective Dates, Emergency - Various fiscal matters Environment and Conservation - New tire fee extension Fees - Local license fee, gross receipts, transportation network company services, imposition Fees - New tire fee extension Local Government - Local license fee, gross receipts, transportation network company services, imposition Motor Vehicles - New tire fee extension Motor Vehicles - Rental and ride share excise tax, bad debts deduction State Agencies - Department of Revenue, publication of administrative writings and tax forms and instructions Taxation, Property - Department of Revenue, publication of administrative writings and tax forms and instructions Taxation, Sales and Use - Currency and bullion exemption, provisions removal Taxation, Sales and Use - Department of Revenue, publication of administrative writings and tax forms and instructions Taxation, Sales and Use - Exemption, data centers Taxation, Severance - Department of Revenue, publication of administrative writings and tax forms and instructions Transportation - Child victims' trust fund special plate; requirements for cost and funds Medicaid - Reimbursement rate, out-of-state children's hospitals Retroactive Legislation - Child victims' trust fund special plate; requirements for cost and funds Retroactive Legislation - Property tax, real property definition, mains, pipes, pipelines, and conduits Appropriations - Child victims' trust fund Children and Minors - Child victims' trust fund Children and Minors - Medicaid reimbursement rate, out-of-state children's hospitals Reports Mandated - Department of Revenue, publication of administrative writings and tax forms and instructions Reports Mandated - Office of State Budget Director, tax expenditures Accountants - Local license fee, gross receipts, transportation network company services, imposition Sunset Legislation - Exemptions, disaster response employees, removal of sunset date Taxation - Department of Revenue, publication of administrative writings and tax forms and instructions Taxation - Exclusions, income of disaster response employees and business, removal of sunset date Taxation - Inheritance tax, power of appointment, provisions removal Taxation - Local license fee, gross receipts, transportation network company services, imposition Taxation - Motor vehicle rental and ride share excise tax, bad debts deduction Taxation - Sales and use tax exemption, data centers Taxation - Sales and use, currency and bullion exemption, provisions removal Taxation - Tax increment financing projects, modified new revenues for income tax calculation Taxation, Income--Corporate - Department of Revenue, publication of administrative writings and tax forms and instructions Taxation, Income--Corporate - Exemptions, disaster response business, sunset date extension Taxation, Income--Individual - Department of Revenue, publication of administrative writings and tax forms and instructions Taxation, Income--Individual - Exemptions, disaster response employees, sunset date extension Taxation, Income--Individual - Tax increment financing, calculation of modified new revenues Taxation, Inheritance and Estate - Department of Revenue, publication of administrative writings and tax forms and instructions Taxation, Inheritance and Estate - Power of appointment, provisions removal

Sponsors

• Josh Bray · Cosponsor
• Steven Rudy · Cosponsor
• Jason Petrie · Primary

Subjects