S.B. 150 passed the state House and Senate without opposition Thursday. The bill would require the department to provide the same extensions as offered by the U.S. Department of the Treasury and the Internal Revenue Service in response to the novel coronavirus and to waive penalties and interest.
Under the bill's tax provisions, tax districts are authorized to suspend or extend return deadlines for taxable net profits or gross receipts during the state's declared emergency, which was issued March 6 and contains no stated end date.
The measure was introduced Feb. 5 by Sens. Ralph Alvarado, R-Winchester, and Danny Carroll, R-Paducah, and would take immediate effect. It has been sent to Democratic Gov. Andy Beshear for consideration.
--Editing by Neil Cohen.
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