Kentucky Statutes 141.207 – Calculation of estimated tax required by KRS 141.206 for nonresident individuals — Payment of estimated tax
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(1) For a nonresident individual partner, member, or shareholder, the payment of estimated tax required by KRS § 141.206 shall be calculated under KRS § 141.020 and
141.305 for the taxable year.
(2) The payment of estimated tax shall be made in installments by the pass-through entity in the same manner and at the same times as provided by KRS § 141.305, for a nonresident individual partner, member, or shareholder.
(3) A pass-through entity required to make a payment of estimated tax shall be subject to the penalty provisions for any underpayment of estimated tax.
Effective: June 29, 2021
History: Amended 2021 Ky. Acts ch. 156, sec. 10, effective June 29, 2021. — Amended
2019 Ky. Acts ch. 151, sec. 50, effective June 27, 2019. — Amended 2018 Ky. Acts ch. 171, sec. 82, effective April 14, 2018; and ch. 207, sec. 82, effective April 27,
2018. — Created 2010 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 5, effective June 4, 2010.
Legislative Research Commission Note (6/29/2021). This statute was amended in 2021
Ky. Acts ch. 156. Section 38 of that Act provides that Section 10 applies to taxable years beginning on or after January 1, 2022.
141.305 for the taxable year.
Terms Used In Kentucky Statutes 141.207
- Individual: means a natural person. See Kentucky Statutes 141.010
- Nonresident: means any individual not a resident of this state. See Kentucky Statutes 141.010
- Pass-through entity: means any partnership, S corporation, limited liability company, limited liability partnership, limited partnership, or similar entity recognized by the laws of this state that is not taxed for federal purposes at the entity level, but instead passes to each partner, member, shareholder, or owner their proportionate share of income, deductions, gains, losses, credits, and any other similar attributes. 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) The payment of estimated tax shall be made in installments by the pass-through entity in the same manner and at the same times as provided by KRS § 141.305, for a nonresident individual partner, member, or shareholder.
(3) A pass-through entity required to make a payment of estimated tax shall be subject to the penalty provisions for any underpayment of estimated tax.
Effective: June 29, 2021
History: Amended 2021 Ky. Acts ch. 156, sec. 10, effective June 29, 2021. — Amended
2019 Ky. Acts ch. 151, sec. 50, effective June 27, 2019. — Amended 2018 Ky. Acts ch. 171, sec. 82, effective April 14, 2018; and ch. 207, sec. 82, effective April 27,
2018. — Created 2010 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 5, effective June 4, 2010.
Legislative Research Commission Note (6/29/2021). This statute was amended in 2021
Ky. Acts ch. 156. Section 38 of that Act provides that Section 10 applies to taxable years beginning on or after January 1, 2022.