KY - 2016 changes outlined

The July issue of the Kentucky Tax Alert reviews important corporate, personal, sales and use, and property tax changes that were enacted in the 2016 regular legislative session. Specifically, as previously reported, legislation has been enacted that updates the Internal Revenue Code (IRC) conformity tie-in date for taxpayers computing Kentucky corporation and personal income tax liability from December 31, 2013 to December 31, 2015. In addition, as previously reported, a sales and use tax exemption is enacted for gross receipts from (1) 911 emergency service fees or charges levied by a local government; and (2) Commercial Mobile Radio Services (CMRS) service charges, including those paid by Lifeline providers and a new CMRS prepaid service charge that takes effect on January 1, 2017. Finally, new legislation is enacted to require the Kentucky Department of Revenue to value and assess the property tax of a municipal solid waste disposal facility as of January 1, as previously reported. Online sales and use tax filing is also outlined with specific sign-up instructions for taxpayers. Kentucky Tax Alert, Kentucky Department of Revenue, July 2016