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Current as of January 01, 2024 | Updated by FindLaw Staff
(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 be equal to the total amount of the tax liability, and together with the aggregate assessments not to exceed the maximum amount of inducements as set forth in the 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 claimed on tax returns filed during the fiscal year ending June 30 of that year, and assessments taken by approved companies with respect to their economic development projects during the prior calendar year under this subchapter, and shall certify to the authority, within ninety (90) days from the date an approved company has filed its state income tax return, when an approved company has taken income tax credits equal to its total inducements.
Cite this article: FindLaw.com - Kentucky Revised Statutes Title XII. Conservation and State Development § 154.22-060.Determination of income tax credit by Department of Revenue - last updated January 01, 2024 | https://codes.findlaw.com/ky/title-xii-conservation-and-state-development/ky-rev-st-sect-154-22-060/
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