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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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