Kentucky Statutes 154.22-060 – Determination of income tax credit by Department of Revenue
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(1) The approved company shall be entitled to a credit against the Kentucky tax liability mandated by KRS Chapter 141, as determined under KRS § 141.347. The credit shall be equal to the total amount of the tax liability, and together with the aggregate assessments not to exceed the maximum amount of inducements as set forth in the tax incentive agreement.
(2) By October 1 of each year, the Department of Revenue of the Commonwealth shall certify to the authority in the form of an annual report, aggregate income tax credits claimed on tax returns filed during the fiscal year ending June 30 of that year, and assessments taken by approved companies with respect to their economic development projects during the prior calendar year under this subchapter, and shall certify to the authority, within ninety (90) days from the date an approved company has filed its state income tax return, when an approved company has taken income tax credits equal to its total inducements.
Effective: June 28, 2006
History: Amended 2006 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 45, effective June 28,
2006. — Amended 2005 Ky. Acts ch. 85, sec. 577, effective June 20, 2005. — Amended 2002 Ky. Acts ch. 338, sec. 22, effective July 15, 2002. — Amended 2000
Ky. Acts ch. 300, sec. 19, effective July 14, 2000. — Amended 1996 Ky. Acts ch.
194, sec. 32, effective July 15, 1996. — Amended 1994 Ky. Acts ch. 450, sec. 8, effective July 15, 1994. – Repealed, reenacted, and amended as KRS § 154.22-060,
1992 Ky. Acts ch. 105, sec. 27, effective July 14, 1992; and ch. 360, sec. 7, effective
July 15, 1996. — Created 1988 Ky. Acts ch. 392, sec. 11, effective April 8, 1988.
Formerly codified as KRS § 152.280
Legislative Research Commission Note (6/28/2006). 2006 (1st Extra Sess.) Ky. Acts ch. 2, sec. 73, provides that “unless a provision of this Act specifically applies to an earlier tax year, the provisions of this Act shall apply to taxable years beginning on or after January 1, 2007.”
(2) By October 1 of each year, the Department of Revenue of the Commonwealth shall certify to the authority in the form of an annual report, aggregate income tax credits claimed on tax returns filed during the fiscal year ending June 30 of that year, and assessments taken by approved companies with respect to their economic development projects during the prior calendar year under this subchapter, and shall certify to the authority, within ninety (90) days from the date an approved company has filed its state income tax return, when an approved company has taken income tax credits equal to its total inducements.
Terms Used In Kentucky Statutes 154.22-060
- Authority: means the Kentucky Economic Development Finance Authority, consisting of a committee as set forth in KRS §. See Kentucky Statutes 154.1-010
- Commonwealth: means the Commonwealth of Kentucky. See Kentucky Statutes 154.1-010
- Company: may extend and be applied to any corporation, company, person, 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.
- State: means the Commonwealth of Kentucky. See Kentucky Statutes 154.1-010
- Year: means calendar year. See Kentucky Statutes 446.010
Effective: June 28, 2006
History: Amended 2006 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 45, effective June 28,
2006. — Amended 2005 Ky. Acts ch. 85, sec. 577, effective June 20, 2005. — Amended 2002 Ky. Acts ch. 338, sec. 22, effective July 15, 2002. — Amended 2000
Ky. Acts ch. 300, sec. 19, effective July 14, 2000. — Amended 1996 Ky. Acts ch.
194, sec. 32, effective July 15, 1996. — Amended 1994 Ky. Acts ch. 450, sec. 8, effective July 15, 1994. – Repealed, reenacted, and amended as KRS § 154.22-060,
1992 Ky. Acts ch. 105, sec. 27, effective July 14, 1992; and ch. 360, sec. 7, effective
July 15, 1996. — Created 1988 Ky. Acts ch. 392, sec. 11, effective April 8, 1988.
Formerly codified as KRS § 152.280
Legislative Research Commission Note (6/28/2006). 2006 (1st Extra Sess.) Ky. Acts ch. 2, sec. 73, provides that “unless a provision of this Act specifically applies to an earlier tax year, the provisions of this Act shall apply to taxable years beginning on or after January 1, 2007.”