Statutes > Kentucky Statutes > Subchapter 22 Financing of Rural Economic Development > 154.22.060 Determination of income tax credit by Department of Revenue.

154.22.060 Determination of income tax credit by Department of Revenue.

Download pdf

Loading PDF...


154.22-060 Determination of income tax credit by Department of Revenue. (1) The approved company shall be entitled to a credit against the Kentucky tax liability mandated by KRS Chapter 141, as determined under KRS 141.347. The credit shall <br>be equal to the total amount of the tax liability, and together with the aggregate <br>assessments not to exceed the maximum amount of inducements as set forth in the <br>tax incentive agreement. (2) By October 1 of each year, the Department of Revenue of the Commonwealth shall certify to the authority in the form of an annual report, aggregate income tax credits <br>claimed on tax returns filed during the fiscal year ending June 30 of that year, and <br>assessments taken by approved companies with respect to their economic <br>development projects during the prior calendar year under this subchapter, and shall <br>certify to the authority, within ninety (90) days from the date an approved company <br>has filed its state income tax return, when an approved company has taken income <br>tax credits equal to its total inducements. Effective: June 28, 2006 <br>History: Amended 2006 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 45, effective June 28, 2006. -- Amended 2005 Ky. Acts ch. 85, sec. 577, effective June 20, 2005. -- <br>Amended 2002 Ky. Acts ch. 338, sec. 22, effective July 15, 2002. -- Amended 2000 <br>Ky. Acts ch. 300, sec. 19, effective July 14, 2000. -- Amended 1996 Ky. Acts <br>ch. 194, sec. 32, effective July 15, 1996. -- Amended 1994 Ky. Acts ch. 450, sec. 8, <br>effective July 15, 1994. </p> <BR></DIV><!-- /.col.one --><!-- /.col.two --></DIV><!-- /.col.main --></DIV><!-- /div id = content --> <BR class=clear></DIV> <!-- /div id = livearea --> <DIV></DIV><!-- /.col.one --> <DIV></DIV><!-- /.col.main --> <DIV></DIV><!-- /#content --><BR class=clear> <DIV></DIV><!-- /#livearea --> <!-- Footer--> <DIV id=footer> <DIV class=container> <P class=copyright>Copyright &copy; 2012-2022 Laws9.Com All rights reserved. </P><!-- /.copyright --> <P class=footerlinks><A href="/contactus.html">Contact Us</A> | <A href="/aboutus.html">About Us</A> | <A href="/terms.html">Terms</A> | <A href="/privacy.html">Privacy</A></P><!-- /.footerlinks --> </DIV><!-- /.container --> </DIV><!-- /footer --> </BODY></HTML>