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KY: Showdown between large and small businesses

Date: 03/23/2006 | Category: Business | Author: Diana Heeb Bivona

Under increasing pressure from small business owners, Kentucky state lawmakers approved a bill that substantially lowers the tax burden on smaller frms — in part by suspending proposed tax cuts for large corporations.

The bill proposes that businesses with less the $3 million in gross annual profits would be exempt from the alternative minimum calculation. The proposed legislation also allows owners to claim deductions from so-called “pass-through” business entities on their personal income taxes, while offsetting profits from one business with losses from another.

On the flip side, the bill would raise the minimum corporate tax to $200 to compensate for a loss of potential revenues from the changes in the legislation. It would also delay a drop in the top corporate tax rate from 7% to 6% until 2009.

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