Kentucky Statutes 136.545 – Tax returns — Extension of time for filing
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(1) On or before the March 15 following each taxable year, a return for the preceding taxable year shall be filed with the department in the form and manner prescribed by the department, together with payment of any tax due.
(2) A return shall be filed by each financial institution.
(3) The return shall show the amount of taxes for the period covered by the return and other information necessary for the proper administration of KRS § 136.500 to
136.575.
(4) The department shall, upon written request received on or prior to the due date of the return and tax, grant an automatic extension of up to ninety (90) days for the filing of returns. An extension of time to file a return does not extend the payment of tax due, which shall be estimated by the financial institution and paid on or before the date specified in subsection (1) of this section.
(5) If the time for filing a return is extended, the financial institution shall pay, as part of the tax, an amount equal to the tax interest rate as defined in KRS § 131.010(6) on the tax shown due on the return but not previously paid, from the time the tax was due until the return is actually filed with the department.
Effective: June 20, 2005
History: Amended 2005 Ky. Acts ch. 85, sec. 334, effective June 20, 2005. — Created
1996 Ky. Acts ch. 254, sec. 11, effective July 15, 1996.
(2) A return shall be filed by each financial institution.
Terms Used In Kentucky Statutes 136.545
- 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
- Year: means calendar year. See Kentucky Statutes 446.010
(3) The return shall show the amount of taxes for the period covered by the return and other information necessary for the proper administration of KRS § 136.500 to
136.575.
(4) The department shall, upon written request received on or prior to the due date of the return and tax, grant an automatic extension of up to ninety (90) days for the filing of returns. An extension of time to file a return does not extend the payment of tax due, which shall be estimated by the financial institution and paid on or before the date specified in subsection (1) of this section.
(5) If the time for filing a return is extended, the financial institution shall pay, as part of the tax, an amount equal to the tax interest rate as defined in KRS § 131.010(6) on the tax shown due on the return but not previously paid, from the time the tax was due until the return is actually filed with the department.
Effective: June 20, 2005
History: Amended 2005 Ky. Acts ch. 85, sec. 334, effective June 20, 2005. — Created
1996 Ky. Acts ch. 254, sec. 11, effective July 15, 1996.