Kentucky Statutes 141.044 – Payment of estimated tax by corporations and pass-through entities — Refund of taxes — Administrative regulations
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(1) For taxable years beginning on or after January 1, 2019, every corporation and limited liability pass-through entity subject to taxation under KRS § 141.040 and
141.0401 shall make estimated tax payments if the taxes imposed by KRS § 141.040 and KRS § 141.0401 for the taxable year can reasonably be expected to exceed five thousand dollars ($5,000).
(2) Estimated tax payments for the taxes imposed under KRS § 141.040 and KRS § 141.0401 shall be made at the same time and calculated in the same manner as estimated tax payments for federal income tax purposes under 26 U.S.C. § 6655, except:
(a) The estimated liabilities for the taxes imposed under KRS § 141.040 and
141.0401 shall be used to make the estimated payments;
(b) Any provisions in 26 U.S.C. § 6655 that apply for federal tax purposes but do not apply to the taxes imposed under KRS § 141.040 and KRS § 141.0401;
(c) The addition to tax identified by 26 U.S.C. § 6655(a) shall instead be considered a penalty under KRS § 131.180;
(d) The tax interest rate identified under KRS § 131.183 shall be used to determine the underpayment rate instead of the rate under 26 U.S.C. § 6621;
(e) Any waiver of penalties shall be performed as provided in KRS § 131.175; and
(f) 1. A refund of taxes collected under this section shall include interest at the tax interest rate as defined in KRS § 131.010(6).
2. Interest shall not begin to accrue until ninety (90) days after the latest of:
a. The due date of the return;
b. The date the return was filed;
c. The date the tax was paid;
d. The last day prescribed by law for filing the return; or e. The date an amended return claiming a refund is filed.
3. No refund shall be made of any estimated tax paid unless a return is filed as required by this chapter.
(3) The department may promulgate administrative regulations to implement this section.
Effective: April 15, 2020
History: Amended 2020 Ky. Acts ch. 91, sec. 9, effective April 15, 2020. — Amended
2019 Ky. Acts ch. 151, sec. 42, effective June 27, 2019. — Repealed and reenacted
2009 Ky. Acts ch. 86, sec. 8, effective March 24, 2009. — Amended 2008 Ky. Acts ch. 132, sec. 9, effective April 24, 2008. — Amended 1982 Ky. Acts ch. 452, sec. 24, effective July 1, 1982. — Amended 1976 Ky. Acts ch. 155, sec. 9. — Amended 1966
Ky. Acts ch. 24, Part II, sec. 2; and ch. 176, Part II, sec. 2. — Created 1960 Ky. Acts ch. 186, Art. III, sec. 3.
Legislative Research Commission Note (4/15/2020). 2020 Ky. Acts ch. 91, sec. 76 provides that the changes made to this statute in Section 9 of that Act apply to taxable years beginning on or after January 1, 2019.
Legislative Research Commission Note (3/24/2009). 2009 Ky. Acts ch. 86, sec. 15,
provides that “the provisions of Sections 7 to 10 of this Act shall apply retroactively to all outstanding refund claims for taxable years ending prior to the effective date of this Act and shall apply to all claims for those taxable years pending in any judicial or administrative forum.”
Legislative Research Commission Note (3/24/2009). 2009 Ky. Acts ch. 86, sec. 17, provides that “The intent of the General Assembly in repealing and reenacting KRS
136.392, 138.195, 141.160, 160.6156, 160.6157, 160.6158, 131.183, 141.044,
141.235, 134.580, 393.060, and 157.621 in Sections 1 to 12 of this Act is to affirm the amendments made to these sections in 2008 Ky. Acts ch. 132. The provisions in Sections 1 to 12 of this Act shall apply retroactively to April 24, 2008.”
Legislative Research Commission Note (3/24/2009). 2009 Ky. Acts ch. 86, sec. 18, provides “To the extent that any provision included in this Act is considered new language, the provisions of KRS § 446.145 requiring such new language to be underlined are notwithstood.”
Legislative Research Commission Note (4/24/2008). 2008 Ky. Acts ch. 132, sec. 15 provides that the amendments made to this statute by that Act “shall apply retroactively to all outstanding refund claims for taxable years ending prior to the effective date of this Act (April 24, 2008) and shall apply to all claims for those taxable years pending in any judicial or administrative forum.”
141.0401 shall make estimated tax payments if the taxes imposed by KRS § 141.040 and KRS § 141.0401 for the taxable year can reasonably be expected to exceed five thousand dollars ($5,000).
Terms Used In Kentucky Statutes 141.044
- Department: means the Department of Revenue. See Kentucky Statutes 141.010
- Federal: refers to the United States. 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Limited liability pass-through entity: means any pass-through entity that affords any of its partners, members, shareholders, or owners, through function of the laws of this state or laws recognized by this state, protection from general liability for actions of the entity. See Kentucky Statutes 141.010
- Statute: A law passed by a legislature.
- Taxable year: means the calendar year or fiscal year ending during such calendar year, upon the basis of which net income is computed, and in the case of a return made for a fractional part of a year under the provisions of this chapter or under administrative regulations prescribed by the commissioner, "taxable year" means the period for which the return is made. See Kentucky Statutes 141.010
(2) Estimated tax payments for the taxes imposed under KRS § 141.040 and KRS § 141.0401 shall be made at the same time and calculated in the same manner as estimated tax payments for federal income tax purposes under 26 U.S.C. § 6655, except:
(a) The estimated liabilities for the taxes imposed under KRS § 141.040 and
141.0401 shall be used to make the estimated payments;
(b) Any provisions in 26 U.S.C. § 6655 that apply for federal tax purposes but do not apply to the taxes imposed under KRS § 141.040 and KRS § 141.0401;
(c) The addition to tax identified by 26 U.S.C. § 6655(a) shall instead be considered a penalty under KRS § 131.180;
(d) The tax interest rate identified under KRS § 131.183 shall be used to determine the underpayment rate instead of the rate under 26 U.S.C. § 6621;
(e) Any waiver of penalties shall be performed as provided in KRS § 131.175; and
(f) 1. A refund of taxes collected under this section shall include interest at the tax interest rate as defined in KRS § 131.010(6).
2. Interest shall not begin to accrue until ninety (90) days after the latest of:
a. The due date of the return;
b. The date the return was filed;
c. The date the tax was paid;
d. The last day prescribed by law for filing the return; or e. The date an amended return claiming a refund is filed.
3. No refund shall be made of any estimated tax paid unless a return is filed as required by this chapter.
(3) The department may promulgate administrative regulations to implement this section.
Effective: April 15, 2020
History: Amended 2020 Ky. Acts ch. 91, sec. 9, effective April 15, 2020. — Amended
2019 Ky. Acts ch. 151, sec. 42, effective June 27, 2019. — Repealed and reenacted
2009 Ky. Acts ch. 86, sec. 8, effective March 24, 2009. — Amended 2008 Ky. Acts ch. 132, sec. 9, effective April 24, 2008. — Amended 1982 Ky. Acts ch. 452, sec. 24, effective July 1, 1982. — Amended 1976 Ky. Acts ch. 155, sec. 9. — Amended 1966
Ky. Acts ch. 24, Part II, sec. 2; and ch. 176, Part II, sec. 2. — Created 1960 Ky. Acts ch. 186, Art. III, sec. 3.
Legislative Research Commission Note (4/15/2020). 2020 Ky. Acts ch. 91, sec. 76 provides that the changes made to this statute in Section 9 of that Act apply to taxable years beginning on or after January 1, 2019.
Legislative Research Commission Note (3/24/2009). 2009 Ky. Acts ch. 86, sec. 15,
provides that “the provisions of Sections 7 to 10 of this Act shall apply retroactively to all outstanding refund claims for taxable years ending prior to the effective date of this Act and shall apply to all claims for those taxable years pending in any judicial or administrative forum.”
Legislative Research Commission Note (3/24/2009). 2009 Ky. Acts ch. 86, sec. 17, provides that “The intent of the General Assembly in repealing and reenacting KRS
136.392, 138.195, 141.160, 160.6156, 160.6157, 160.6158, 131.183, 141.044,
141.235, 134.580, 393.060, and 157.621 in Sections 1 to 12 of this Act is to affirm the amendments made to these sections in 2008 Ky. Acts ch. 132. The provisions in Sections 1 to 12 of this Act shall apply retroactively to April 24, 2008.”
Legislative Research Commission Note (3/24/2009). 2009 Ky. Acts ch. 86, sec. 18, provides “To the extent that any provision included in this Act is considered new language, the provisions of KRS § 446.145 requiring such new language to be underlined are notwithstood.”
Legislative Research Commission Note (4/24/2008). 2008 Ky. Acts ch. 132, sec. 15 provides that the amendments made to this statute by that Act “shall apply retroactively to all outstanding refund claims for taxable years ending prior to the effective date of this Act (April 24, 2008) and shall apply to all claims for those taxable years pending in any judicial or administrative forum.”