Kentucky Statutes 131.674 – Financial institutions to provide department with identifying information on delinquent taxpayers and debtors with account — Fee for conducting data matches — Confidentiality of information — Limitation on liability
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(1) Financial institutions doing business in the Commonwealth shall provide identifying information each calendar quarter to the department for each delinquent taxpayer or debtor identified by the department that is indebted to the Commonwealth for delinquent taxes or debts and who maintains an account at the institution.
(2) The financial institution shall be paid a fee for conducting data matches from the delinquent taxpayer’s account, not to exceed the actual cost.
(3) Except for the exchange of information between the department and financial institutions necessary for the enforcement of KRS § 131.670 to KRS § 131.676, any information obtained by the department from financial institutions shall be subject to confidentiality restrictions imposed on the department by KRS § 131.190.
(4) A financial institution shall not be liable for encumbering or surrendering any assets held by the financial institution in response to a lien or notice of levy issued by the department, or any other action taken in good faith to comply with the requirements of KRS § 131.670 to KRS § 131.676.
Effective: April 25, 2006
History: Created 2006 Ky. Acts ch. 252, Pt. XVII, sec. 3, effective April 25, 2006.
(2) The financial institution shall be paid a fee for conducting data matches from the delinquent taxpayer’s account, not to exceed the actual cost.
Terms Used In Kentucky Statutes 131.674
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Department: means the Department of Revenue. See Kentucky Statutes 131.010
- Lien: A claim against real or personal property in satisfaction of a debt.
- Taxpayer: means any person required or permitted by law or administrative regulation to perform any act subject to the administrative jurisdiction of the department including the following:
(a) File a report, return, statement, certification, claim, estimate, declaration, form, or other document. See Kentucky Statutes 131.010
(3) Except for the exchange of information between the department and financial institutions necessary for the enforcement of KRS § 131.670 to KRS § 131.676, any information obtained by the department from financial institutions shall be subject to confidentiality restrictions imposed on the department by KRS § 131.190.
(4) A financial institution shall not be liable for encumbering or surrendering any assets held by the financial institution in response to a lien or notice of levy issued by the department, or any other action taken in good faith to comply with the requirements of KRS § 131.670 to KRS § 131.676.
Effective: April 25, 2006
History: Created 2006 Ky. Acts ch. 252, Pt. XVII, sec. 3, effective April 25, 2006.