Kentucky Statutes 136.050 – Time of payment of corporation, property, and franchise taxes — Interest — Penalties
Current as of: 2024 | Check for updates
|
Other versions
(1) Except where otherwise specially provided, all corporations required to make reports to the Department of Revenue shall pay all taxes due the state from them into the State Treasury at the same time as natural persons are required to pay taxes, and when delinquent shall pay the same rate of interest and penalties as natural persons who are delinquent.
(2) All state taxes assessed against any corporation under the provisions of KRS
136.120 to 136.200 shall be due and payable as provided in KRS § 131.110. All county, city, school, and other taxes so assessed shall be due and payable thirty (30) days after notice of the amount of the tax is given by the collecting officer. The state, county, city, school, and other taxes found to be due on any protested assessment or portion thereof shall begin to bear legal interest on the sixty-first day after the Board of Tax Appeals acknowledges receipt of a protest of any assessment or enters an order to certify the unprotested portion of any assessment until paid, except that in no event shall interest begin to accrue prior to January 1 following April 30 of the year in which the report is due. Every corporation so assessed that fails to pay its taxes when due shall be deemed delinquent, a penalty of ten percent (10%) on the amount of the tax shall attach, and thereafter the tax shall bear interest at the tax interest rate as defined in KRS § 131.010(6).
Effective: June 29, 2021
History: Amended 2021 Ky. Acts ch. 185, sec. 70, effective June 29, 2021. — Amended
2017 Ky. Acts ch. 74, sec. 78, effective June 29, 2017. — Amended 2005 Ky. Acts ch. 85, sec. 294, effective June 20, 2005. — Amended 1992 Ky. Acts ch. 338, sec. 2, effective August 1, 1992. — Amended 1990 Ky. Acts ch. 163, sec. 5, effective July
13, 1990; and repealed and reenacted ch. 476, Pt. V., sec. 351, effective July 13,
1990. — Amended 1958 Ky. Acts ch. 69, sec. 2, effective June 19, 1958. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 4086, 4091, 4103.
Legislative Research Commission Note (7/13/90). The Act amending this section prevails over the repeal and reenactment in House Bill 940, Acts ch. 476, pursuant to Section 653(1) of Acts ch. 476.
(2) All state taxes assessed against any corporation under the provisions of KRS
Terms Used In Kentucky Statutes 136.050
- City: includes town. See Kentucky Statutes 446.010
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Year: means calendar year. See Kentucky Statutes 446.010
136.120 to 136.200 shall be due and payable as provided in KRS § 131.110. All county, city, school, and other taxes so assessed shall be due and payable thirty (30) days after notice of the amount of the tax is given by the collecting officer. The state, county, city, school, and other taxes found to be due on any protested assessment or portion thereof shall begin to bear legal interest on the sixty-first day after the Board of Tax Appeals acknowledges receipt of a protest of any assessment or enters an order to certify the unprotested portion of any assessment until paid, except that in no event shall interest begin to accrue prior to January 1 following April 30 of the year in which the report is due. Every corporation so assessed that fails to pay its taxes when due shall be deemed delinquent, a penalty of ten percent (10%) on the amount of the tax shall attach, and thereafter the tax shall bear interest at the tax interest rate as defined in KRS § 131.010(6).
Effective: June 29, 2021
History: Amended 2021 Ky. Acts ch. 185, sec. 70, effective June 29, 2021. — Amended
2017 Ky. Acts ch. 74, sec. 78, effective June 29, 2017. — Amended 2005 Ky. Acts ch. 85, sec. 294, effective June 20, 2005. — Amended 1992 Ky. Acts ch. 338, sec. 2, effective August 1, 1992. — Amended 1990 Ky. Acts ch. 163, sec. 5, effective July
13, 1990; and repealed and reenacted ch. 476, Pt. V., sec. 351, effective July 13,
1990. — Amended 1958 Ky. Acts ch. 69, sec. 2, effective June 19, 1958. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 4086, 4091, 4103.
Legislative Research Commission Note (7/13/90). The Act amending this section prevails over the repeal and reenactment in House Bill 940, Acts ch. 476, pursuant to Section 653(1) of Acts ch. 476.