2006 Kentucky Revised Statutes - .5386   Audit -- Separate accounting records -- Regulations.

139.5386 Audit -- Separate accounting records -- Regulations. (1) The Department of Revenue may require that reported expenditures and the application for the tax credit from a motion picture production company be subjected to an audit by the Department of Revenue auditors to verify expenditures. (2) For companies in the business of producing films or television shows other than those which would qualify them for the credit under the definition of "motion picture production company" in KRS 139.5381, the department may require separate accounting records for the reporting of expenditures made in connection with the application for a refundable tax credit. (3) The Department of Revenue shall promulgate appropriate administrative regulations to carry out the intent and purposes of KRS 139.5382 to 139.5386. Effective: June 20, 2005 History: Amended 2005 Ky. Acts ch. 85, sec. 428, effective June 20, 2005. -- Created 1986 Ky. Acts ch. 464, sec. 7, effective July 15, 1986.