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141.412 Tax credit for qualified farming operation.
(1)
(2)
A qualified farming operation shall be entitled to a nonrefundable credit against
the Kentucky income tax liability established pursuant to the provisions of this
chapter on any income of the qualified farming operation generated by or
arising out of the qualified farming operation's participation in a networking
project, and against the limited liability entity tax imposed by KRS 141.0401 on
any Kentucky gross profits or Kentucky gross receipts of the qualified farming
operation generated by or arising out of the qualified farming operation's
participation in a networking project. The credits shall be applied as provided in
KRS 141.0205. The annual credit shall be available for the first five (5) years
that the farming operation is involved in the networking project. The annual
credit shall be equal to the approved costs incurred by the qualified farming
operation during the tax year and shall not exceed the income, Kentucky gross
profits or Kentucky gross receipts, as the case may be, of the qualified farming
operation generated by or arising out of the qualified farming operation's
participation in a networking project.
Any credit not used in the tax year in which it first becomes available may be
carried forward to the next succeeding five (5) tax years until the credit has
been fully used. The aggregate credit used in any tax year shall not exceed the
income, Kentucky gross profits or Kentucky gross receipts, as the case may
be, of the qualified farming operation generated by or arising out of the
qualified farming operation's participation in a networking project in that tax
year.
Effective:June 28, 2006
History: Amended 2006 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 29, effective June
28, 2006. -- Created 1994 Ky. Acts ch. 390, sec. 17, effective July 15, 1994.
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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