2017 Kentucky Revised Statutes
CHAPTER 136 - CORPORATION AND UTILITY TAXES
.0704 License tax credit for economic revitalization projects -- Computation -- Cap.

Universal Citation: KY Rev Stat § 136.0704 (2017)

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136.0704 License tax credit for economic revitalization projects -- Computation -Cap. (1) (2) (3) (4) (5) (6) (7) As used in this section, unless the context requires otherwise: (a) "Approved company" means a company approved under KRS 154.26-010 and subject to license tax under KRS 136.070; (b) "Economic revitalization project" shall have the same meaning as set forth in KRS 154.26-010; and (c) "Tax credit" means the tax credit allowed in KRS 154.26-090(1)(c)2. An approved company that entered into a revitalization agreement prior to July 13, 2004, shall: (a) Compute the company's total license tax due as provided by KRS 136.070; and (b) Compute the license tax due excluding the capital attributable to an economic revitalization project. The tax credit shall be the amount by which the tax computed under subsection (2)(a) of this section exceeds the tax computed under subsection (2)(b) of this section; however, the credit shall not exceed the limits set forth in KRS 154.26-090. The capital attributable to an economic revitalization project shall be determined by a formula approved by the Department of Revenue. For an approved company that enters into a revitalization agreement after July 13, 2004, the tax credit shall be negotiated pursuant to KRS 154.26-090, but shall not exceed one hundred percent (100%) of the computed license tax attributable to the location of the economic revitalization project. In no case shall the tax credit exceed the limits set forth in KRS 154.26-090. The license tax attributable to a revitalization project shall be determined by a formula approved by the Department of Revenue. The Department of Revenue may promulgate administrative regulations and require the filing of forms designed by the Department of Revenue to reflect the intent of KRS 154.26-010 to 154.26-100 and the allowable income tax credit which an approved company may retain under KRS 154.26-010 to 154.26-100. Effective: June 20, 2005 History: Amended 2005 Ky. Acts ch. 85, sec. 296, effective June 20, 2005. -- Amended 2004 Ky. Acts ch. 18, sec. 4, effective July 13, 2004; and ch. 105, sec. 14, effective July 13, 2004. -- Created 2000 Ky. Acts ch. 547, sec. 1, effective July 14, 2000.
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