2013 Kentucky Revised Statutes CHAPTER 136 - CORPORATION AND UTILITY TAXES 136.520 Conditions constituting regularly engaging in business in the Commonwealth by financial institutions.
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136.520 Conditions constituting regularly engaging in business in the
Commonwealth by financial institutions.
(1)
(2)
A financial institution is presumed to be regularly engaging in business in this
Commonwealth if during any taxable year it obtains or solicits business with
twenty (20) or more persons within this Commonwealth, or if receipts
attributable to sources in this Commonwealth as would be determined pursuant
to the provisions of KRS 136.530(2) equals or exceeds one hundred thousand
dollars ($100,000). In determining whether a financial institution is regularly
engaging in business in this Commonwealth, receipts from the following types
of property, as well as those contacts with this Commonwealth reasonably and
exclusively required to evaluate and complete the acquisition or disposition of
the property, the servicing of the property or the income from it, the collection
of income from the property, or the acquisition or liquidation of collateral
relating to the property, shall be excluded:
(a) An interest in a real estate mortgage investment conduit, a real estate
investment trust, or a regulated investment company;
(b) An interest in a loan-backed security representing ownership or
participation in a pool of promissory notes or certificates of interest that
provide for payments in relation to payments or reasonable projections of
payments on the notes or certificates;
(c) An interest in a loan or other asset from which the interest is attributed to
a consumer loan, a commercial loan, or a secured commercial loan, and
in which the payment obligations were solicited and entered into by a
person that is independent, and not acting on behalf of the owner;
(d) An interest in the right to service or collect income from a loan or other
asset from which interest on the loan is attributed as a loan described in
paragraph (c) of this subsection, and in which the payment obligations
were solicited and entered into by a person that is independent and not
acting on behalf of the owner; and
(e) Any amounts held in an escrow or trust account with respect to property
described in paragraphs (a) to (d) of this subsection.
Subsection (1) of this section shall be interpreted to reach to the limits
permitted by the United States Constitution.
Effective:July 15, 1996
History: Created 1996 Ky. Acts ch. 254, sec. 6, effective July 15, 1996.
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