Kentucky Statutes 136.372 – Declaration of estimated tax — Payment — Adjustments — Penalties
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(1) Any company whose tax, as provided in KRS § 136.320, 136.330, 136.340, 136.350,
136.370, or 304.3-270 was five thousand dollars ($5,000) or more in the previous year shall file a declaration of estimated tax.
(2) The tax due shall be paid in three (3) installments, one-third (1/3) on or before June
1, one-third (1/3) on or before October 1, and the remainder on or before the following March 1.
(3) (a) Any adjustments may be made on or before October 1. (b) All adjustments shall be made on or before March 1.
(c) If any taxpayer uses the amount of the tax liability for the previous calendar year as the estimate for the declaration, no penalties or interest shall apply to any subsequent adjustments.
(4) All taxes not paid when due may be subject to:
(a) A penalty of five percent (5%) per month, but not more than twenty-five percent (25%) penalty shall be assessed on any one (1) report; and
(b) Interest at the tax interest rate as defined in KRS § 131.010(6) from the date the report was due.
Effective: July 14, 2022
History: Created 2022 Ky. Acts ch. 212, sec. 44, effective July 14, 2022.
Legislative Research Commission Note (7/14/2022). In codification, a correction has been made to subsection (1) of this statute. 2022 House Bill 8, which created this statute, included a reference to KRS § 342.445. However, it is clear that the reference to KRS § 342.445 was erroneous, as that statute was repealed in 1988. Under the authority of KRS § 7.136, the Reviser of Statutes has removed the reference to KRS
342.445.
136.370, or 304.3-270 was five thousand dollars ($5,000) or more in the previous year shall file a declaration of estimated tax.
Terms Used In Kentucky Statutes 136.372
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Month: means calendar month. See Kentucky Statutes 446.010
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Statute: A law passed by a legislature.
- Year: means calendar year. See Kentucky Statutes 446.010
(2) The tax due shall be paid in three (3) installments, one-third (1/3) on or before June
1, one-third (1/3) on or before October 1, and the remainder on or before the following March 1.
(3) (a) Any adjustments may be made on or before October 1. (b) All adjustments shall be made on or before March 1.
(c) If any taxpayer uses the amount of the tax liability for the previous calendar year as the estimate for the declaration, no penalties or interest shall apply to any subsequent adjustments.
(4) All taxes not paid when due may be subject to:
(a) A penalty of five percent (5%) per month, but not more than twenty-five percent (25%) penalty shall be assessed on any one (1) report; and
(b) Interest at the tax interest rate as defined in KRS § 131.010(6) from the date the report was due.
Effective: July 14, 2022
History: Created 2022 Ky. Acts ch. 212, sec. 44, effective July 14, 2022.
Legislative Research Commission Note (7/14/2022). In codification, a correction has been made to subsection (1) of this statute. 2022 House Bill 8, which created this statute, included a reference to KRS § 342.445. However, it is clear that the reference to KRS § 342.445 was erroneous, as that statute was repealed in 1988. Under the authority of KRS § 7.136, the Reviser of Statutes has removed the reference to KRS
342.445.