2017 Kentucky Revised Statutes CHAPTER 136 - CORPORATION AND UTILITY TAXES .050 Time of payment of corporation, property, and franchise taxes -- Interest -- Penalties.
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136.050 Time of payment of corporation, property, and franchise taxes -Interest -- Penalties.
(1)
(2)
Except where otherwise specially provided, all corporations required to make
reports to the Department of Revenue shall pay all taxes due the state from
them into the State Treasury at the same time as natural persons are required
to pay taxes, and when delinquent shall pay the same rate of interest and
penalties as natural persons who are delinquent.
All state taxes assessed against any corporation under the provisions of KRS
136.120 to 136.200 shall be due and payable as provided in KRS 131.110. All
county, city, school, and other taxes so assessed shall be due and payable
thirty (30) days after notice of the amount of the tax is given by the collecting
officer. The state, county, city, school, and other taxes found to be due on any
protested assessment or portion thereof shall begin to bear legal interest on
the sixty-first day after the Kentucky Claims Commission acknowledges receipt
of a protest of any assessment or enters an order to certify the unprotested
portion of any assessment until paid, except that in no event shall interest
begin to accrue prior to January 1 following April 30 of the year in which the
report is due. Every corporation so assessed that fails to pay its taxes when
due shall be deemed delinquent, a penalty of ten percent (10%) on the amount
of the tax shall attach, and thereafter the tax shall bear interest at the tax
interest rate as defined in KRS 131.010(6).
Effective:June 29, 2017
History: Amended 2017 Ky. Acts ch. 74, sec. 78, effective June 29, 2017. -Amended 2005 Ky. Acts ch. 85, sec. 294, effective June 20, 2005. -- Amended
1992 Ky. Acts ch. 338, sec. 2, effective August 1, 1992. -- Amended 1990 Ky.
Acts ch. 163, sec. 5, effective July 13, 1990; and repealed and reenacted ch.
476, Pt. V., sec. 351, effective July 13, 1990. -- Amended 1958 Ky. Acts ch. 69,
sec. 2, effective June 19, 1958. -- Recodified 1942 Ky. Acts ch. 208, sec. 1,
effective October 1, 1942, from Ky. Stat. secs. 4086, 4091, 4103.
Legislative Research Commission Note (7/13/90). The Act amending this section
prevails over the repeal and reenactment in House Bill 940, Acts ch. 476,
pursuant to Section 653(1) of Acts ch. 476.
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