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136.0704 License tax credit
Computation -- Cap.
(1)
(2)
(3)
(4)
(5)
(6)
(7)
for
economic
revitalization
projects
--
As used in this section, unless the context requires otherwise:
(a) "Approved company" means a company approved under KRS
154.26-010 and subject to license tax under KRS 136.070;
(b) "Economic revitalization project" shall have the same meaning as set
forth in KRS 154.26-010; and
(c) "Tax credit" means the tax credit allowed in KRS 154.26-090(1)(c)2.
An approved company that entered into a revitalization agreement prior to July
13, 2004, shall:
(a) Compute the company's total license tax due as provided by KRS
136.070; and
(b) Compute the license tax due excluding the capital attributable to an
economic revitalization project.
The tax credit shall be the amount by which the tax computed under
subsection (2)(a) of this section exceeds the tax computed under subsection
(2)(b) of this section; however, the credit shall not exceed the limits set forth in
KRS 154.26-090.
The capital attributable to an economic revitalization project shall be
determined by a formula approved by the Department of Revenue.
For an approved company that enters into a revitalization agreement after July
13, 2004, the tax credit shall be negotiated pursuant to KRS 154.26-090, but
shall not exceed one hundred percent (100%) of the computed license tax
attributable to the location of the economic revitalization project. In no case
shall the tax credit exceed the limits set forth in KRS 154.26-090.
The license tax attributable to a revitalization project shall be determined by a
formula approved by the Department of Revenue.
The Department of Revenue may promulgate administrative regulations and
require the filing of forms designed by the Department of Revenue to reflect the
intent of KRS 154.26-010 to 154.26-100 and the allowable income tax credit
which an approved company may retain under KRS 154.26-010 to 154.26-100.
Effective:June 20, 2005
History: Amended 2005 Ky. Acts ch. 85, sec. 296, effective June 20, 2005. -Amended 2004 Ky. Acts ch. 18, sec. 4, effective July 13, 2004; and ch. 105,
sec. 14, effective July 13, 2004. -- Created 2000 Ky. Acts ch. 547, sec. 1,
effective July 14, 2000.
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