2014 Kentucky Revised Statutes CHAPTER 136 - CORPORATION AND UTILITY TAXES 136.648 Gross revenues and excise tax fund and state baseline and local growth fund -- Creation and administration of funds.
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136.648 Gross revenues and excise tax fund and state baseline and local
growth fund -- Creation and administration of funds.
(1)
(2)
(3)
(4)
There is established in the State Treasury a gross revenues and excise tax
fund. The fund shall be held and administered by the Finance and
Administration Cabinet. The cabinet shall invest money in the fund in the same
manner as money in the state general fund.
There is established in the State Treasury a state baseline and local growth
fund. The fund shall be held and administered by the Finance and
Administration Cabinet. The cabinet shall invest money in the fund in the same
manner as money in the state general fund.
All revenue from the tax imposed under KRS 136.604 and 136.616, including
all penalties and interest attributable to the nonpayment of the tax or for
noncompliance with KRS 132.825 and 136.600 to 136.660 shall be deposited
into gross revenues and excise tax fund. Amounts deposited in the gross
revenues and excise tax fund shall be allocated among the state, political
subdivisions, school districts and special districts as provided in KRS 136.648,
136.650, 136.652, 136.654, and 136.656.
All money in the gross revenues and excise tax fund designated for distribution
to political subdivisions under KRS 136.648, 136.650, 136.652, 136.654, and
136.656:
(a) Shall not be withheld or reduced by the General Assembly or any state
agency for any reason, except for adjustments provided for within KRS
132.825 and 136.600 to 136.660; and
(b) Shall be used solely and exclusively for the provision of services to the
general public, including public protection, health services, education,
libraries, transportation services, and economic development. No amount
shall be used for purely local purposes affecting only the inhabitants of
the particular political subdivision, such as the administration of local
government. Neither the General Assembly nor any state agency shall
mandate how the funds are to be used.
Effective:January 1, 2006
History: Created 2005 Ky. Acts ch. 168, sec. 112, effective January 1, 2006.
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