2012 Kentucky Revised Statutes CHAPTER 154 DEVELOPMENT SUBCHAPTER 22 Financing of Rural Economic Development 22.060 Determination of income tax credit by Department of Revenue.
Download as PDF
154.22-060 Determination of income tax credit by Department of Revenue.
(1)
(2)
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.
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 – Repealed, reenacted, and amended as KRS 154.22-060,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."
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.