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Kentucky Revised Statutes Title XI. Revenue and Taxation § 141.395.Tax credit for construction of research facilities

Current as of January 01, 2024 | Updated by FindLaw Staff

(1) As used in this section:

(a) “Construction of research facilities” means constructing, remodeling, and equipping facilities in this state or expanding existing facilities in this state for qualified research and includes only tangible, depreciable property, and does not include any amounts paid or incurred for replacement property; and

(b) “Qualified research” means qualified research as defined in Section 41 of the Internal Revenue Code.

(2) A nonrefundable credit in the amount determined in subsection (3) of this section is permitted against the tax assessed by both KRS 141.020 or 141.040 and 141.0401, with the ordering of credits as provided in KRS 141.0205, for the construction of research facilities. Any unused credit may be carried forward ten (10) years.

(3) The credit allowed in subsection (2) of this section shall equal five percent (5%) of the qualified costs of construction of research facilities.

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Cite this article: FindLaw.com - Kentucky Revised Statutes Title XI. Revenue and Taxation § 141.395.Tax credit for construction of research facilities - last updated January 01, 2024 | https://codes.findlaw.com/ky/title-xi-revenue-and-taxation/ky-rev-st-sect-141-395/

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