02RS HB243


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HB 243/FN/LM (BR 1219) - J. Gooch, J. Arnold Jr, E. Ballard, Dw. Butler, P. Clark, B. Crall, J. Stewart, M. Treesh, B. Yonts

     AN ACT relating to property tax.
     Amend KRS 132.820 to provide for an exception to the Revenue Cabinet's assessment of unmined minerals and other energy resources as a separate and distinct interest in real property; create a new section of KRS Chapter 132 to provide that the unmined minerals be considered as a value in excess of the agricultural value if the surface and mineral owner are the same; amend KRS 132.010 to provide that the definition of agricultural land includes the mineral resources beneath the land if the value of the unmined mineral is less than the value of the land's agricultural use and if the rights to the mineral are still held by the landowner; amend KRS 132.020 to provide that new property is to be excluded when determining the compensating tax rate on real property; provide that the provisions of this Act apply to tax assessments made on or after January 1, 2003.


     HCS/FN/LM - Delete the original provisions and provide that unmined coal, oil and gas reserves, and other mineral or energy resources are assessed as a distinct interest in real property, separate and apart from the surface real estate unless the unmined coal, oil and gas reserves, and other mineral or energy resources are owned in their entirety by the surface owner and the surface owner is neither engaged in the severance, extraction, processing, or leasing of the mineral or other energy resource nor is he an affiliate of a person who engages in those activities, and the surface is being used by the surface owner primarily for the purpose of raising for sale agricultural crops, including planted and managed timberland, or livestock or poultry.

     HCA (1/Title, H. Moberly) - Make title amendment.

     HFA (1, J. Gooch) - Amend KRS 141.050 to provide that changes to federal income tax law made after the Internal Revenue Code reference date contained in KRS 141.101(3) shall not apply for purposes of this chapter unless adopted by the General Assembly.

     SFA (1, W. Blevins) - Provide that if certain criteria are met, the owner of the unmined coal, oil, and gas reserves, or other mineral or energy resources shall be entitled to a deduction from the assessed value of the unmined coal, oil, and gas reserves, and other mineral or energy resources of $25,000 or the total assessed value, whichever is less.

     Jan 8-introduced in House
     Jan 9-to Appropriations and Revenue (H)
     Jan 11-reassigned to Natural Resources and Environment (H)
     Jan 14-posted in committee; posting waived
     Jan 15-reported favorably, 1st reading, to Calendar
     Jan 16-2nd reading, to Rules; recommitted to Appropriations and Revenue (H)
     Feb 22-posted in committee
     Mar 12-reported favorably, to Rules with Committee Substitute, committee amendment (1-title)
     Mar 13-posted for passage in the Regular Orders of the Day for Thursday, March 14, 2002
     Mar 14-floor amendment (1) filed to Committee Substitute
     Mar 15-3rd reading, passed 89-7 with Committee Substitute, committee amendment (1-title), floor amendment (1)
     Mar 18-received in Senate
     Mar 21-to Appropriations and Revenue (S)
     Mar 25-reported favorably, 1st reading, to Calendar; floor amendment (1) filed
     Mar 26-2nd reading, to Rules
     Mar 29-posted for passage in the Regular Orders of the Day for Friday, March 29, 2002; 3rd reading; floor amendment (1) rejected ; passed 25-7
     Apr 1-received in House; enrolled, signed by each presiding officer; delivered to Governor
     Apr 8-signed by Governor (Acts ch. 234)

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