Bill > HB133

This bill amends Kentucky Revised Statutes (KRS) to include fluorspar as a taxable natural resource, thereby removing its exemption from severance taxes. Specifically, it modifies KRS 143A.030 to remove fluorspar from the list of items exempt from severance taxes, making it subject to taxation like other natural resources. Additionally, it amends KRS 143A.010 to add fluorspar to the definition of "natural resource," which refers to all forms of minerals contained within the state's soils or waters, excluding coal and oil which are taxed under separate statutes. A severance tax is a tax imposed on the extraction of natural resources, and this bill's changes mean that the act of removing fluorspar from the ground will now be subject to this tax.