(Detailed analysis of Ky. H.B. 366 (2018))
On April 2, 2018, the General Assembly adopted a free conference committee's compromise report for H.B. 366 which includes substantial changes to the state's tax code. Those changes are estimated to raise nearly $500 million over the state's 2019-2020 biennium. The Governor has ten days to veto the bill, and any veto can be overridden by a vote of full majorities of both legislative chambers. The General Assembly reconvenes April 13th and 14th for the final two days of the legislative session.
H.B. 3661 makes a number of changes to Kentucky's income taxes, sales and use taxes and tobacco taxes as well as reforms aimed at simplifying compliance with and administration of Kentucky's tax statutes. Many of the bill's changes have special effective dates. Otherwise, the bill has an emergency clause and takes effect immediately upon enactment. (See H.B. 366, Sec. 147).
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