2006 Kentucky Revised Statutes - .5384   Duty of Department of Revenue-- Duty of secretary of Finance and Administration Cabinet.

139.5384 Duty of Department of Revenue-- Duty of secretary of Finance and Administration Cabinet. (1) The Department of Revenue shall, within sixty (60) days following the receipt of an application for a credit for sales and use tax paid, calculate the total expenditures of the motion picture production company for which there is documentation for funds expended in the Commonwealth, calculate the amount of credit to which the applicant is entitled, and certify the same to the secretary of the Finance and Administration Cabinet. In the case of an audit, as provided for in KRS 139.5386, the Department of Revenue shall certify the amount of the credit due to the secretary within one hundred eighty (180) days following the receipt of the motion picture production company's application. (2) Upon receipt of the certification of the amount thereof from the Department of Revenue, the secretary shall cause the refund of sales taxes paid to be remitted to the motion picture production company. For purposes of payment and funding thereof, the credit provided in KRS 139.5382 to 139.5386 shall be paid in the same manner as other claims on the State Treasury are paid. They shall not be charged against any appropriation, but shall be deducted from tax receipts for the current fiscal year. (3) The sales and use taxes paid by the motion picture production company for which a refundable tax credit is granted shall be deemed not to have been legally paid into the State Treasury, and the refund of the credit shall not be in violation of Section 59 of the Kentucky Constitution. Effective: June 20, 2005 History: Amended 2005 Ky. Acts ch. 85, sec. 426, effective June 20, 2005. -- Created 1986 Ky. Acts ch. 464, sec. 5, effective July 15, 1986.