Sales Tax on Entry Fees

[bigclubswinger]

The new taxes will raise some more revenue but much of the new revenue (including a 50 cent increase per pack on cigarettes) is to help make up for reductions in personal income taxes (flat 5% now) and make up for reductions in corporate income taxes for corporations with income over 100,000 (flat 5% now). Small companies with income under 50k will actually see an increase in corporate income taxes from 4 to 5%.

Personal Income Tax Brackets Before

All Filers
Kentucky Taxable Income	Rate
$5,000 - $8,000	5.00%
$8,000 - $75,000	5.80%
$75,000+	6.00%

[artcarney_agr]

The new taxes will raise some more revenue but much of the new revenue (including a 50 cent increase per pack on cigarettes) is to help make up for reductions in personal income taxes (flat 5% now) and make up for reductions in corporate income taxes for corporations with income over 100,000 (flat 5% now). Small companies with income under 50k will actually see an increase in corporate income taxes from 4 to 5%.

Personal Income Tax Brackets Before

All Filers
Kentucky Taxable Income	Rate
$5,000 - $8,000	5.00%
$8,000 - $75,000	5.80%
$75,000+	6.00%

Thanks for posting this! Great info.

[artcarney_agr]

Good reading on the subject:

https://revenue.ky.gov/News/Publicat...May%202018.pdf

[Gsmith223]

The new taxes will raise some more revenue but much of the new revenue (including a 50 cent increase per pack on cigarettes) is to help make up for reductions in personal income taxes (flat 5% now) and make up for reductions in corporate income taxes for corporations with income over 100,000 (flat 5% now). Small companies with income under 50k will actually see an increase in corporate income taxes from 4 to 5%.

Personal Income Tax Brackets Before

All Filers
Kentucky Taxable Income	Rate
$5,000 - $8,000	5.00%
$8,000 - $75,000	5.80%
$75,000+	6.00%

Got to pay for those corporate handouts somehow. I wonder how the new federal tax laws with come into play on this. From what I understand all online sales are going to be tax even for out of state purchases.

[whitebassboy]

Bevin vetoed the tax package. State Senate and House voted it in. Going to be a nightmare. Every bass club that has entry fees is responsible for getting a tax number and submitting taxes. No exceptions. Membership fees are taxable also. Even if it's not a club tournament if there is an entry fee the person running it is responsible.

[artcarney_agr]

Bevin vetoed the tax package. State Senate and House voted it in. Going to be a nightmare. Every bass club that has entry fees is responsible for getting a tax number and submitting taxes. No exceptions. Membership fees are taxable also. Even if it's not a club tournament if there is an entry fee the person running it is responsible.

Maybe that will greatly cut down on the number of various tournaments each weekend.

[59tomitriton]

Maybe that will greatly cut down on the number of various tournaments each weekend.

LOL. No

[Snoopy Rod]

maybe they are going to use it to control the carp problem.

[mossie3]

Cash pot tourneys will ignore the stupid tax. The tournament organizations though will have to follow the rules.

[Ryan]

Cash pot tourneys will ignore the stupid tax. The tournament organizations though will have to follow the rules.

Wondering how the state will enforce this?

[Stoner]

Current goober has got to go!!!!! Never met a tax he didn't like, he is a joke.

Truth

[Tim Powell]

While the new tax law sucks......I am just going to throw this out there, My family moved to Calvert City, KY 2 weeks before Christmas......We came from Metropolis, Illinois.......New tax law or not, there is NO WAY I would EVER go back to Illinois

[artcarney_agr]

While the new tax law sucks......I am just going to throw this out there, My family moved to Calvert City, KY 2 weeks before Christmas......We came from Metropolis, Illinois.......New tax law or not, there is NO WAY I would EVER go back to Illinois

At least you were able to escape it! I know some people who can't even get away from it, no one wants to buy their properties!

[Sokyangler]

Cash pot tourneys will ignore the stupid tax. The tournament organizations though will have to follow the rules.

Just wait til the first big jackpot tournament that these guys advertise on Facebook gets audited. It's going to be very painful and I promise the KY Dept of Revenue is good at sniffing stuff out. I've been battling them for years on websites, trade shows and other endeavors I've been involved in.

[59tomitriton]

Just went to get 100 $1.00 bills for tomorrow evening , wife thinks I’m going to a strip club.

[Ben Danbleume]

I thought the BBC was in favor of sales taxes over income taxes?

[ss]

I thought the BBC was in favor of sales taxes over income taxes?

Yes, one or the other but not both. I'll pay sales tax on my entry fee if I don't have to pay income tax on my winnings.

[CaseyCreekKy]

Originally Posted by Rude196
Current goober has got to go!!!!! Never met a tax he didn't like, he is a joke.


Rock on. Matter of time til truth of prez also

[1Twofish]

What's your solution then? The State of Kentucky is broke due to the pension and failures of previous administations. The new tax hike is a result of trying to correct the matter. With the recent pension changes being thrown out, we're back to square one...all these teachers and state employees with a pension and no money to fund it. The problem isn't the current governor, the problem is the failure of previous governors who did nothing about the problem...had any previous governors stepped up they would have been labeled as bad guys just as you have labeled the current governor. I will not fault a guy for actually doing his job.

The governor knew the pension bill would be shot down and was betting that the tax bill would be overridden. He thinks he can look like he was trying to help and the evil legislators and judges would not work with him. Bevin is evil as far as I’m concerned and I voted for him,

[Jigman78]

While on the subject of taxes. If I understand we also can not take oil, hotel, gas and other stuff off our taxes for this year like we have in the pass. Hope it not true. And I'm talking about taxes on money won from tournaments.