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141.4246 Ethanol or cellulosic ethanol credit distribution for pass-through
entities.
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An ethanol producer or a cellulosic ethanol producer that is a pass-through
entity not subject to tax under KRS 141.040 shall apply the amount of
approved credit against the tax imposed by KRS 141.0401 at the entity level,
and shall also distribute the amount of the approved credit 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 ethanol producer or cellulosic ethanol 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 result in 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.
Failure to provide information to the department in a manner prescribed by
administrative regulation may result in the forfeiture of available credits to all
partners, members, shareholders, or beneficiaries in the pass-through entity or
agricultural cooperative association.
Effective:July 12, 2012
History: Amended 2012 Ky. Acts ch. 160, sec. 135, effective July 12, 2012. -Created 2007 (2d Extra. Sess.) Ky. Acts ch. 1, sec. 25, effective August 30,
2007.
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