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141.042 Declaration of estimated
pass-through entity tax.
(1)
(2)
(3)
(4)
(5)
(6)
(7)
corporation
and
limited
liability
For all taxable years beginning on or after July 1, 1966, every corporation and
limited liability pass-through entity subject to taxation under KRS 141.040 and
141.0401 shall make a declaration of estimated tax if the tax imposed by KRS
141.040 and 141.0401 for the taxable year can reasonably be expected to
exceed five thousand dollars ($5,000).
For taxable years beginning on or after January 1, 2006, the amount of
estimated tax due under the provisions of subsection (1) of this section shall be
the amount of tax due under KRS 141.040 for the previous taxable year, and
for taxable years beginning on or after January 1, 2008, shall include the tax
imposed by KRS 141.0401 for the previous taxable year, provided that the
combined liability for the previous taxable year was equal to or less than
twenty-five thousand dollars ($25,000).
The declaration required under subsection (1) of this section shall contain the
following information:
(a) The amount which is estimated as the amount of tax under KRS 141.040
and 141.0401 for the taxable year;
(b) The excess of the amount estimated under paragraph (a) of this
subsection over five thousand dollars ($5,000), which excess for
purposes of this section and KRS 141.044 and 141.205 shall be
considered the estimated tax for the taxable year;
(c) Such other information as the department by forms or regulations may
prescribe.
The declaration required under subsection (1) of this section shall be filed with
the department on or before June 15 of the taxable year, except that if the
requirements of subsection (1) are first met:
(a) After June 1 and before September 2 of the taxable year, the declaration
shall be filed on or before September 15 of the taxable year;
(b) After September 1 of the taxable year, the declaration shall be filed on or
before December 15 of the taxable year.
A corporation or limited liability pass-through entity may make amendments of
a declaration filed during the taxable year in accordance with regulations
prescribed by the department. An amendment of a declaration may be filed in
any interval between the installment dates prescribed for that taxable year but
only one (1) amendment may be filed in each such interval. If any amendment
of a declaration is filed, the remaining installments, if any, shall be ratably
increased or decreased as the case may be, to reflect the increase or decrease
of the estimated tax by reason of such amendment. If any amendment is made
after September 15 of the taxable year, any increase in the estimated tax by
reason thereof shall be paid in full at the time of making such amendment.
A corporation or limited liability pass-through entity with a taxable year of less
than twelve (12) months shall make a declaration in accordance with
regulations prescribed by the department.
The department may grant a reasonable extension of time for filing
declarations and paying the estimated tax under such rules and regulations as
it may prescribe. If any extension operates to postpone a payment of estimated
tax, interest at the rate of eight percent (8%) per annum shall be collected.
Effective:June 28, 2006
History: Amended 2006 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 5, effective June 28,
2006. -- Amended 2006 Ky. Acts ch. 6, sec. 14, effective March 6, 2006. -Amended 2005 Ky. Acts ch. 85, sec. 475, effective June 20, 2005. -- Amended
1972 Ky. Acts ch. 84, Part II, sec. 3; and ch. 203, sec. 17. -- Amended 1966 Ky.
Acts ch. 24, Part II, sec. 1; and ch. 176, Part II, sec. 1. -- Created 1960 Ky. Acts
ch. 186, Art. III, sec. 2.
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."
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