Kentucky Statutes 154.34-090 – Certification of the tax liability of approved company
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By October 1 of each year, the department shall certify to the authority, in the form of an annual report, aggregate tax credits claimed on tax returns filed during the fiscal year ending June 30 of that year by approved companies with respect to their reinvestment projects under this subchapter and KRS § 141.415 and shall certify to the authority, within ninety (90) days from the date an approved company has filed its state tax return, when an approved company has taken incentives equal to its approved costs.
Effective: June 29, 2021
History: Amended 2021 Ky. Acts ch. 185, sec. 125, effective June 29, 2021. — Amended 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 6, effective June 26, 2009. — Amended 2006 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 63, effective June 28, 2006. — Amended 2005 Ky. Acts ch. 85, sec. 586, effective June 20, 2005. — Created 2003
Ky. Acts ch. 148, sec. 9, effective June 24, 2003.
Legislative Research Commission Note (6/26/2009). 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 7, provides that, notwithstanding the amendments contained in Sections 1 to 6 of that Act (which includes this statute), “all reinvestment projects preliminarily approved on or after the effective date of this Act shall not be eligible for final approval until July 1, 2010″; and 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 8, provides that, notwithstanding the amendments in Sections 1 to 6 of that Act or the repeals in Section 114 of that Act, “all reinvestment projects preliminarily or finally approved prior to the effective date of this Act shall be governed by Subchapter 34 of KRS Chapter 154 as it existed prior to the effective date of this Act.”
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.”
Effective: June 29, 2021
Terms Used In Kentucky Statutes 154.34-090
- Approved company: means an eligible company approved under KRS §. See Kentucky Statutes 154.34-010
- Approved costs: means the eligible equipment and related costs approved by the authority that may be recovered by an approved company through the incentives authorized by this subchapter. See Kentucky Statutes 154.34-010
- Authority: means the Kentucky Economic Development Finance Authority, consisting of a committee as set forth in KRS §. 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
- Department: means the Department of Revenue. See Kentucky Statutes 154.34-010
- Final approval: means the action taken by the authority designating a preliminarily approved eligible company as an approved company to receive incentives under this subchapter. See Kentucky Statutes 154.34-010
- 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.
- Incentives: means the Kentucky tax credit as prescribed in this subchapter. See Kentucky Statutes 154.34-010
- State: means the Commonwealth of Kentucky. See Kentucky Statutes 154.1-010
- Year: means calendar year. See Kentucky Statutes 446.010
History: Amended 2021 Ky. Acts ch. 185, sec. 125, effective June 29, 2021. — Amended 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 6, effective June 26, 2009. — Amended 2006 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 63, effective June 28, 2006. — Amended 2005 Ky. Acts ch. 85, sec. 586, effective June 20, 2005. — Created 2003
Ky. Acts ch. 148, sec. 9, effective June 24, 2003.
Legislative Research Commission Note (6/26/2009). 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 7, provides that, notwithstanding the amendments contained in Sections 1 to 6 of that Act (which includes this statute), “all reinvestment projects preliminarily approved on or after the effective date of this Act shall not be eligible for final approval until July 1, 2010″; and 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 8, provides that, notwithstanding the amendments in Sections 1 to 6 of that Act or the repeals in Section 114 of that Act, “all reinvestment projects preliminarily or finally approved prior to the effective date of this Act shall be governed by Subchapter 34 of KRS Chapter 154 as it existed prior to the effective date of this Act.”
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.”