2014 Kentucky Revised Statutes CHAPTER 136 - CORPORATION AND UTILITY TAXES 136.073 Average net capital tax on open-end registered investment companies.
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136.073 Average net capital tax on open-end registered investment
companies.
(1)
(2)
(3)
(4)
Every open-end registered investment company organized under the laws of
this state and registered under the Investment Company Act of 1940 shall on
or before the fifteenth day of the fourth month following the close of each fiscal
year, if the company operates on a fiscal year basis or calendar year, file a
report on forms prescribed by the Department of Revenue and pay directly to
the State Treasury a tax of two dollars and ten cents ($2.10) for each one
thousand dollars ($1,000) of "average net capital" as computed under
subsections (2) and (3) of this section.
The term "net capital" as used in this section means capital stock, surplus,
borrowed moneys or any other accounts representing capital of the company
less the amount of such capital which by said company is invested in Kentucky
municipal securities which are obligations issued by the State of Kentucky, its
political subdivisions, and the districts, authorities, agencies and
instrumentalities of the state and its political subdivisions, the interest on which
is exempt from federal and Kentucky income tax.
The term "average net capital" as used in this section means the average of
the net capital of the company as shown on financial statements of the
company as of the first and last days of the fiscal or calendar year of the
company, whichever is applicable.
The Department of Revenue shall examine and audit each report as soon as
practicable after each report is received. Failure to make reports and pay taxes
as provided in this section shall subject the company to the same penalties
imposed for such failure on the part of other corporations.
Effective:June 20, 2005
History: Amended 2005 Ky. Acts ch. 85, sec. 297, effective June 20, 2005. -Amended 1985 (1st Extra. Sess.) Ky. Acts ch. 6, Pt. II, sec. 4, effective July 29,
1985. -- Created 1980 Ky. Acts ch. 181, sec. 2, effective July 15, 1980.
Legislative Research Commission Note. 1985 Acts Ex. Sess., ch. 6, Part II,
Section 5, directs that the provisions of this section shall apply to taxable years
ending after 7/31/85.
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