Kentucky Statutes 136.291 – Inapplicability of KRS 136.290, 136.300, and 136.310 after January 1, 2021 — Savings and loan associations subject to corporation income tax and limited liability entity tax after January 1, 2021 — Short-year returns
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(1) Beginning January 1, 2021, the savings and loan tax under KRS § 136.290, 136.300, and 136.310 shall no longer apply to savings and loan associations.
(2) Beginning January 1, 2021, all savings and loan associations shall be subject to the corporation income tax under KRS § 141.040 and the limited liability entity tax under KRS § 141.0401. Notwithstanding KRS § 141.040 and KRS § 141.0401, any savings and loan association operating on a fiscal year shall file a short-year corporation income and limited liability entity tax return and pay any tax due thereon for the period beginning January 1, 2021, through the end of the savings and loan association’s normal fiscal year. The department may issue guidance regarding the filing of the short-year return.
Effective: June 27, 2019
History: Created 2019 Ky. Acts ch. 196, sec. 7, effective June 27, 2019.
(2) Beginning January 1, 2021, all savings and loan associations shall be subject to the corporation income tax under KRS § 141.040 and the limited liability entity tax under KRS § 141.0401. Notwithstanding KRS § 141.040 and KRS § 141.0401, any savings and loan association operating on a fiscal year shall file a short-year corporation income and limited liability entity tax return and pay any tax due thereon for the period beginning January 1, 2021, through the end of the savings and loan association’s normal fiscal year. The department may issue guidance regarding the filing of the short-year return.
Terms Used In Kentucky Statutes 136.291
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Year: means calendar year. See Kentucky Statutes 446.010
Effective: June 27, 2019
History: Created 2019 Ky. Acts ch. 196, sec. 7, effective June 27, 2019.