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COST SPRING 2016 – Kentucky State and Local Tax Developments

I.  INCOME/FRANCHISE TAXES.

Legislative Developments.

                   1. IRC Conformity.

         As of the date of this writing, April 1, the Kentucky General Assembly is still in Session.  However, both Chambers of the General Assembly have passed House Bill 423, which updates the definition of Internal Revenue Code to the IRC in effect as of December 31, 2015 “exclusive of any amendments made subsequent to that date, other than amendments that extend provisions in effect on December 31, 2015, that would otherwise terminate, and as modified by KRS 141.0101.” This amendment is not yet the law as the bill has not been signed by the Governor. 

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