HB483: AN ACT relating to the natural resources severance and processing tax.

Legislative Summary

Amend KRS 143A.010 to redefine "processing" to include the act of loading or unloading limestone that has not otherwise been severed or treated in the Commonwealth; amend KRS 143A.035 to allow a credit for substantially identical severance or processing taxes paid to another state or political subdivision thereof; provide that a taxpayer may not claim a total amount of credit that exceeds the taxpayer's tax liability; allow the Department of Revenue to report tax credit information to the Legislative Research Commission; amend KRS 131.190 to authorize the release of information from the Department of Revenue; EFFECTIVE August 1, 2022.