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Current as of January 01, 2024 | Updated by FindLaw Staff
(1) The department shall transmit the amounts remitted to it by retailers as required by KRS 142.105 to the board on a monthly basis. From each deposit, the department may deduct an amount equal to the actual operating and overhead expenses incurred in the collection and administration of the CMRS prepaid service charge, not to exceed one percent (1%) of the amount collected. The department shall report its actual expenses to the board on a quarterly basis.
(2) The department shall provide a monthly report of receipts from the CMRS prepaid service charge to the board.
(3) Moneys held by the department prior to their transfer to the board shall not be considered property of the Commonwealth and shall not be subject to appropriation by the General Assembly. Such moneys shall not be:
(a) Loaned to the Commonwealth or to any instrumentality or agency thereof;
(b) Subject to transfer to the Commonwealth or any agency or instrumentality thereof, except for purposes specifically authorized by this section; or
(c) Expended for any purpose other than a purpose authorized by KRS 65.7621 to 65.7643.
Cite this article: FindLaw.com - Kentucky Revised Statutes Title XI. Revenue and Taxation § 142.135.Monthly transmittal of funds to board; retention of collection and administration fee; monthly report of receipts; restricted use of funds - last updated January 01, 2024 | https://codes.findlaw.com/ky/title-xi-revenue-and-taxation/ky-rev-st-sect-142-135/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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