Ky. Rev. Stat. Ann. ch. 141 – Income Taxes | Midpage

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Kentucky Revised Statutes

Chapter 141

Ky. Rev. Stat. Ann. ch. 141

Income Taxes

Commonwealth of Kentucky

141.010Definitions for chapter for taxable years beginning on or after January 1, 2018. (Effective until July 15, 2026)141.0101Depreciation methods and transitional rules. (Effective until July 15, 2026)141.011Casualty losses -- Net operating losses.141.014Disposition of receipts under chapter.141.016Reporting federal adjusted gross income attributed to husband and wife -- Allocation of income and business deductions between husband and wife.141.017Deductions allowed by this chapter limited to amounts directly or indirectly subject to taxation under this chapter -- No item to be deducted more than once.141.018Department's authority to interpret and carry out provisions of certain income tax changes made by the 2005 Regular Session and 2006 First Extraordinary Session of the General Assembly -- Authority to promulgate administrative regulations to explain or implement changes.141.019Calculation of adjusted gross income and net income for taxpayers other than corporations. (Effective until July 15, 2026)141.020Levy of income tax on individuals -- Rate of normal tax -- Reduction -- Tax credits -- Income of nonresidents subject to tax -- Election to pay tax imposed by KRS 141.023.141.0201Artistic charitable contributions deduction for individuals.141.0205Priority of application and use of tax credits. (Effective until July 15, 2026)141.021Federal and local government annuities excluded from gross income -- Taxability after December 31, 1997.141.0215Inclusion in gross income of government retirement payments after December 31, 1997 -- Computation.141.023Optional tax tables.141.030Levy of income tax on estates, trusts and fiduciaries -- Liability of fiduciaries.141.039Calculation of gross income and net income for corporations. (Effective until July 15, 2026)141.040Corporation income tax -- Exemptions -- Rate.141.0401Limited liability entity tax -- Exemptions -- Rate. (Effective until July 15, 2026)141.041Tax credit for corporations for installing, modifying or utilizing coal for manufacturing or heating.141.044Payment of estimated tax by corporations and pass-through entities -- Refund of taxes -- Administrative regulations. (Effective until July 15, 2026)141.050Federal interpretations applicable, when -- Taxpayer record -- Subpoenas -- Forms -- Regulations.141.062Premiums paid for health insurance to be treated as income tax credit.141.063Skills training investment credits allowed by KRS 154.12-204 to 154.12-208 -- Application to income tax obligations -- Annual report.141.065Credit allowed for hiring person classified as unemployed. (Effective until July 15, 2026)141.066Definitions -- Nonrefundable low income, family size, and income gap tax credits.141.067Household and dependent care service credit.141.068Definitions -- Determination of tax credits under KRS 154.20-258.141.069Credit allowed for tuition at eligible educational institution.141.070Credits allowed individuals for tax paid to other states.141.071Definition -- Right to designate portion of tax to political party.141.072Designation of party -- Certification and remittance to state and county party organizations.141.073Rules and regulations.141.081Optional standard deduction for individuals -- Exception.141.120Division of income of interstate business for tax purposes -- Apportionment.141.121Special rules for apportioning business income -- Management of a treasury function -- Passenger airlines -- Qualified air freight forwarders -- Administrative regulations regarding sourcing of receipts.141.130Liability for tax on discontinuation of business.141.140Accounting period for computation of income.141.150Reports of income payments to others.141.160When returns for income tax are due -- Forms -- Copy of federal return may be required -- Returns for cooperatives.141.170Extension of time for filing returns.141.175Extension for members of Armed Forces serving in combat zones.141.180Individuals required to make return -- Verification.141.190Returns of fiduciaries.141.200Corporation returns -- Requirement of affiliated groups to file consolidated returns.141.201Corporation returns -- Election of affiliated groups to file consolidated returns -- Taxable years beginning on or after January 1, 2019.141.202Requirement of taxpayer engaged in a unitary business with one or more other corporations to file a combined report -- Administrative regulations -- Taxable years beginning on or after January 1, 2019.141.205Disallowance of certain deductions for affiliated entities or related parties.141.206Filing of returns by pass-through entities -- Withholding requirements on owners of pass-through entities -- Apportionment issues for pass-through entities. (Effective until July 15, 2026)141.207Calculation of estimated tax required by KRS 141.206 for nonresident individuals -- Payment of estimated tax.141.208Treatment of limited liability companies.141.209Annual election to have tax under KRS 141.120 imposed on pass-through entity -- Refundable tax credit -- Report to owner -- Administrative regulations.141.210Auditing of returns -- Assessment of additional tax.141.211Audits performed and additional tax assessed at the partnership level.141.215Deferred filing of returns and payment of taxes.141.220Payment of tax -- When due.141.235Action interfering with collection or payment prohibited -- Limitation on refund of taxes.141.305Estimated income tax payments -- Administrative regulations.141.310Withholding of tax from wages paid by employer.141.315Department to promulgate regulations governing certain types of wage payments.141.320Remuneration paid by an employer deemed wages.141.325Withholding exemptions -- Certificates.141.330Employers to file quarterly returns and make payments -- Liability -- Actions -- Lien on property of employer.141.335Annual withholding statement to be furnished employee.141.340Liability of employer for tax payment -- Corporate officers, managers of limited liability companies, and partners of registered limited liability partnerships personally liable.141.345Refund or credit in case of overpayment.141.347Computation of income tax credit.141.350Credit of amount withheld against tax imposed by KRS 141.020 for same taxable year.141.355Crediting of overpayment and refund of balance -- Withholding in excess of tax imposed by KRS 141.020, when considered overpayment.141.370Tables for determining tax to be withheld.141.381Nonrefundable tax credit for entities participating in the Metropolitan College.141.382Refundable or transferable tax credit for qualified rehabilitation expenses for certified historic structure.141.383Refundable tax credit for motion picture or entertainment production expenses -- Reporting. (Effective until July 15, 2026)141.384Nonrefundable tax credit for small businesses.141.3841Selling farmer tax credit -- Report.141.385Nonrefundable tax credit for railroad improvement.141.386Nonrefundable tax credit for railroad expansion or upgrade to accommodate transportation of fossil energy resources or biomass resources.141.387No carry forward permitted for tax credits provided by KRS 141.385 and 141.386 -- Claims for credits.141.389Nonrefundable and nontransferable distilled spirits ad valorem tax credit -- Election to waive credits -- Credit to be used only for capital improvement at licensed distiller's premises -- Refundable credit for taxpayer investing and creating jobs in area of low and moderate income -- Administrative regulations -- Annual report.141.390Tax credit for recycling or composting equipment -- Report.141.391Nonrefundable tax credit for expansion of broadband services.141.395Tax credit for construction of research facilities.141.396Nonrefundable angel investor tax credit against individual income tax -- Carry forward -- Transfer of credit -- Recapture of credit -- Data reporting requirements.141.398Development area tax credit -- Annual report.141.399Economic development tax credit -- Duties of department -- Administrative regulations.141.400Tax credit for company approved for economic development project under KRS 154.28-010 to 154.28-100.141.402Taxing provisions governing approved companies under Subchapter 25 of KRS Chapter 154.141.403Tax credit for company approved on or before June 30, 2021, under KRS 154.26-010 to 154.26-100 -- Administrative regulations.141.405Tax credit for company approved for occupational or skills upgrade training program under KRS 154.12-2084 to 154.12-2089 -- Administrative regulations.141.407Determination of allowable income tax credit approved company may retain.141.408Inventory tax credit -- Applies on or after January 1, 2018 -- Pass-through entities, allowable credit -- Annual report.141.410Definitions for KRS 141.410 to 141.414.141.412Tax credit for qualified farming operation. (Effective until July 15, 2026)141.414Computation of tax and credit.141.415Computation of income tax and credit for approved company.141.417Alternative jet fuel tax credit -- Definitions for section -- Rates -- Limits -- Administrative regulations -- Reports -- Application and certification.141.418Nonrefundable credit for voluntary environmental remediation.141.419Definitions for section -- Refundable credit for qualifying expenditures at qualifying decontamination property -- Administrative regulations -- Reporting.141.421Tax incentives for alternative fuel, gasification, and renewable energy facilities.141.422Definitions for KRS 141.422 to 141.425.141.423Nonrefundable credit for biodiesel producer, biodiesel blender, or renewable diesel producer.141.4231Renewable chemical production tax credit.141.424Biodiesel credit distribution for pass-through entities.141.4242Nonrefundable credit for producers of ethanol.141.4244Nonrefundable credit for producers of cellulosic ethanol.141.4246Ethanol or cellulosic ethanol credit distribution for pass-through entities.141.4248Transfer of unused ethanol or cellulosic ethanol tax credit caps established by KRS 141.4242 and 141.4244.141.425Authorization for administrative regulations to administer biodiesel credit.141.428Kentucky Clean Coal Incentive Act -- Definitions -- Tax credit -- Administrative regulations.141.432Definitions for KRS 141.432 to 141.434.141.433Application for New Markets Development Program tax credit.141.434New Markets Development Program tax credit.141.435Definitions for KRS 141.435 to 141.437.141.436Tax credit for installation of energy efficiency products for residential and commercial property -- Administrative regulations -- Reports.141.437Tax credit for construction of ENERGY STAR home or sale of ENERGY STAR manufactured home -- Required verification -- Reports.141.438Endow Kentucky tax credit.141.440Designation of income tax refund to child victims' trust fund.141.441Designation of income tax refund to local history trust fund.141.4425Designation of income tax refund to Kentucky YMCA Youth Association.141.443Designation of income tax refund to Special Olympics Kentucky.141.444Designation of income tax refund to veterans' program trust fund.141.445Designation of income tax refund to pediatric cancer research trust fund.141.446Designation of income tax refund to breast cancer research and education trust fund.141.447Designation of income tax refund to rape crisis center trust fund.141.448Designation of income tax refund to farms to food banks trust fund.141.449Designation of income tax refund to Kentucky CASA network fund.141.450Public policy.141.455Designation of income tax refund to nongame species protection and natural areas acquisition programs.141.460Space on form for designation.141.465Apportionment of funds -- Funds to be placed in interest-bearing account.141.470Use of funds apportioned to the nature preserves fund.141.475Rules and regulations.141.480Designation provisions void, when.141.500Education Opportunity Account Program. (See LRC Note below)141.502Definitions for KRS 141.500 to 141.528 (See LRC Note below)141.504Uniform process for education opportunity account allocation -- Qualifying expenses -- Provision for eligible student in county with population of 90,000 or more -- Duration of education opportunity account -- Prioritization of funding -- Restrictions. (See LRC Note below)141.506Application to establish an education opportunity account for eligible students -- Renewal -- Process to cease funding student account. (See LRC Note below)141.508Application for tax credit -- Preliminary approval subject to annual tax credit cap -- Taxpayer notification -- Taxpayer contribution – Account-granting organization certification of contribution. (See LRC Note below)141.510Certification and renewal of certification of an account-granting organization -- Application -- Required information -- Department certification. (See LRC Note below)141.512Minimal allocation of contributions required to education opportunity accounts by account-granting organization -- Standard application process for establishment of student eligibility for an account -- Transfer of funds from one account–granting organization to another -- Donations. (See LRC Note below)141.514Administration of education opportunity account tax credit and cap -- Required annual publications on department Web site. (See LRC Note below)141.516Audit of account-granting organization by department -- Notice of violation -- Revocation of certificate. (See LRC Note below)141.518Account-granting organization system of payment to education service providers -- Payments to an education opportunity account -- Approval of education service providers. (See LRC Note below)141.520Effect of Education Opportunity Account Program on education service provider -- Authority of government entities. (See LRC Note below)141.522Education Opportunity Account Program tax credit -- Cap on credit -- Prioritization. (See LRC Note below)141.524Report by department on Education Opportunity Account Program. (See LRC Note below)141.526Standing for parents of eligible students. (See LRC Note below)141.528Short title for KRS 141.500 to 141.528. (See LRC Note below)141.900Definitions for KRS Chapter 141 -- Taxable years beginning prior to January 1, 2018.141.901Division of income of interstate business for tax purposes -- Apportionment.141.985Interest on tax not paid by date due -- Addition to tax provided in KRS 141.305 and 141.044 to be considered a penalty.141.990Penalties.