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141.424 Biodiesel credit distribution for pass-through entities.
(1)
(2)
In the case of a biodiesel producer, biodiesel blender, or renewable diesel
producer which is a pass-through entity not subject to tax under KRS 141.040,
the amount of approved credit shall be applied against the tax imposed by KRS
141.0401 at the entity level, and shall also be distributed to each partner,
member, shareholder, or beneficiary based on the partner's, member's,
shareholder's, or beneficiary's distributive share of the income of the
pass-through entity. Each biodiesel producer, biodiesel blender, or renewable
diesel producer shall notify the department electronically of all partners,
members, shareholders, or beneficiaries who may claim any amount of the
approved credit. Failure to provide information to the department in a manner
prescribed by administrative regulation may constitute the forfeiture of available
credits to all partners, members, shareholders, or beneficiaries in the
pass-through entity.
An agricultural cooperative association organized under KRS Chapter 272 or
272A may elect to apportion pro rata any amount of the approved credit among
the members of the association and, if a limited cooperative association,
among patron members only, on the basis of the quantity or value of business
done with or for such members for the taxable year. The agricultural
cooperative association shall notify the department electronically of all
members who may claim any amount of the approved credit if the election is
made.
Effective:July 12, 2012
History: Amended 2012 Ky. Acts ch. 160, sec. 134, effective July 12, 2012. -Amended 2007 (2d Extra. Sess.) Ky. Acts ch. 1, sec. 22, effective August 30,
2007. -- Amended 2006 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 34, effective June
28, 2006. -- Created 2005 Ky. Acts ch. 168, sec. 138, effective March 18, 2005.
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."
Legislative Research Commission Note (3/18/2005). 2005 Ky. Acts ch. 168,
sec. 165, provides that this section shall apply to tax years beginning on or after
January 1, 2005.
Legislative Research Commission Note (3/18/2005). 2005 Ky. Acts ch. 11, 85,
95, 97, 98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory
references to agencies and officers whose names have been changed in 2005
legislation confirming the reorganization of the executive branch. Such a
correction has been made in this section.
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