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131.183 Tax interest rate.
(1)
(2)
(3)
(a)
All taxes payable to the Commonwealth not paid at the time prescribed by
statute shall accrue interest at the tax interest rate.
(b) The tax interest rate shall be equal to the adjusted prime rate charged by
banks rounded to the nearest full percent as adjusted by subsection (2) of
this section.
(c) The commissioner of revenue shall adjust the tax interest rate not later
than November 15 of each year if the adjusted prime rate charged by
banks during October of that year, rounded to the nearest full percent, is
at least one (1) percentage point more of less than the tax interest rate
which is then in effect. The adjusted tax interest rate shall become
effective on January 1 of the immediately succeeding year.
(a) 1.
All taxes payable to the Commonwealth that have not been paid at
the time prescribed by statute shall accrue interest at the tax interest
rate as determined in accordance with subsection (1) of this section
until May 1, 2008.
2.
Beginning on May 1, 2008, all taxes payable to the Commonwealth
that have not been paid at the time prescribed by statute shall
accrue interest at the tax interest rate as determined in accordance
with subsection (1) of this section plus two percent (2%).
(b) 1.
Interest shall be allowed and paid upon any overpayment as defined
in KRS 134.580 in respect of any of the taxes provided for in
Chapters 131, 132, 134, 136, 137, 138, 139, 140, 141, 142, 143,
143A, and 243 of the Kentucky Revised Statutes and KRS 160.613
and 160.614 at the rate provided in subsection (1) of this section
until May 1, 2008.
2.
Beginning on May 1, 2008, interest shall be allowed and paid upon
any overpayment as defined in KRS 134.580 at the rate provided in
subsection (1) of this section minus two percent (2%).
3.
Effective for refunds issued after April 24, 2008, except for the
provisions of KRS 138.351, 141.044(2), 141.235(3), and subsection
(3) of this section, interest authorized under this subsection shall
begin to accrue sixty (60) days after the latest of:
a.
The due date of the return;
b.
The date the return was filed;
c.
The date the tax was paid;
d.
The last day prescribed by law for filing the return; or
e.
The date an amended return claiming a refund is filed.
(c) In no case shall interest be paid in an amount less than five dollars ($5).
Effective for refund claims filed on or after July 15, 1992, if any overpayment of
the tax imposed under KRS Chapter 141 results from a carryback of a net
operating loss or a net capital loss, the overpayment shall be deemed to have
been made on the date the claim for refund was filed. Interest authorized under
subsection (2) of this section shall begin to accrue ninety (90) days from the
date the claim for refund was filed.
(4)
No interest shall be allowed or paid on any sales tax refund as provided by
KRS 139.536.
Effective:March 24, 2009
History: Repealed and reenacted 2009 Ky. Acts ch. 86, sec. 7, effective March 24,
2009. -- Amended 2008 Ky. Acts ch. 132, sec. 8, effective April 24, 2008. -Amended 2006 Ky. Acts ch. 6, sec. 1, effective March 6, 2006. -- Amended
2005 Ky. Acts ch. 85, sec. 124, effective June 20, 2005. -- Amended 1998 Ky.
Acts ch. 238, sec. 5, effective April 1, 1998. -- Amended 1992 Ky. Acts ch. 98,
sec. 1, effective July 14, 1992; and ch. 264, sec. 1, effective July 14, 1992. -Amended 1990 Ky. Acts ch. 423, sec. 5, effective July 13, 1990. -- Created 1982
Ky. Acts ch. 452, sec. 3, effective July 1, 1982.
Legislative Research Commission Note (3/24/2009). 2009 Ky. Acts ch. 86,
sec. 15, provides that "the provisions of Sections 7 to 10 of this Act shall apply
retroactively to all outstanding refund claims for taxable years ending prior to the
effective date of this Act and shall apply to all claims for those taxable years
pending in any judicial or administrative forum."
Legislative Research Commission Note (3/24/2009). 2009 Ky. Acts ch. 86,
sec. 17, provides that "The intent of the General Assembly in repealing and
reenacting KRS 136.392, 138.195, 141.160, 160.6156, 160.6157, 160.6158,
131.183, 141.044, 141.235, 134.580, 393.060, and 157.621 in Sections 1 to 12
of this Act is to affirm the amendments made to these sections in 2008 Ky. Acts
ch. 132. The provisions in Sections 1 to 12 of this Act shall apply retroactively to
April 24, 2008."
Legislative Research Commission Note (3/24/2009). 2009 Ky. Acts ch. 86,
sec. 18, provides "To the extent that any provision included in this Act is
considered new language, the provisions of KRS 446.145 requiring such new
language to be underlined are notwithstood."
Legislative Research Commission Note (4/24/2008). 2008 Ky. Acts ch. 132,
sec. 15 provides that the amendments made to this statute by that Act "shall
apply retroactively to all outstanding refund claims for taxable years ending prior
to the effective date of this Act (April 24, 2008) and shall apply to all claims for
those taxable years pending in any judicial or administrative forum."
Legislative Research Commission Note (3/6/2006). 2006 Ky. Acts ch. 6, sec. 26,
provides that this section applies retroactively to January 1, 2006.
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