Kentucky Statutes 137.180 – Report and payment of tentative state license tax — Civil penalty for nonpayment
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(1) Each person engaged in the business of conducting a race track shall, on or before thirty (30) days following the close of each duly licensed race meeting, furnish the Department of Revenue a verified report of the number of days on which races were conducted on that race track during the race meeting, together with a statement of its daily mutuel handle for each day during the meeting, and at the same time pay to the state the tentatively correct amount of the license tax apparently due it pursuant to KRS § 137.170.
(2) On or before December 31 in each year, each person engaged in the business of conducting a race track shall file a final report with the Department of Revenue giving in summary form a recapitulation of the information furnished by the previous tentative reports filed during the year, computing the final license tax due the state for the year ending November 30 and showing the amount of tentative license tax actually paid during the year. Any balance of license tax due the state as shown on the final report shall be paid at the same time as the filing. Any overpayment in license tax disclosed by the final report shall, at the option of the taxpayer, be promptly refunded by the state or credited against the license tax to be due from the taxpayer in the following year.
(3) Any person who violates any provision of this section or KRS § 137.170 shall be subject to the uniform civil penalties imposed pursuant to KRS § 131.180 and interest at the tax interest rate as defined in KRS § 131.010(6) upon the unpaid amount from the date prescribed for its payment until payment is actually made to the department.
Effective: June 20, 2005
History: Amended 2005 Ky. Acts ch. 85, sec. 344, effective June 20, 2005. — Amended
1994 Ky. Acts ch. 65, sec. 7, effective July 15, 1994. – Amended 1992 Ky. Acts ch.
338, sec. 3, effective August 1, 1992; and ch. 403, sec. 7, effective August 1, 1992. — Amended 1986 Ky. Acts ch. 496, sec. 11, effective August 1, 1986. — Amended
1958, Ky. Acts ch. 33, secs. 3, 4, and 5, effective June 19, 1958. — Recodified 1942
Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 4223b-9,
4223b-11.
(2) On or before December 31 in each year, each person engaged in the business of conducting a race track shall file a final report with the Department of Revenue giving in summary form a recapitulation of the information furnished by the previous tentative reports filed during the year, computing the final license tax due the state for the year ending November 30 and showing the amount of tentative license tax actually paid during the year. Any balance of license tax due the state as shown on the final report shall be paid at the same time as the filing. Any overpayment in license tax disclosed by the final report shall, at the option of the taxpayer, be promptly refunded by the state or credited against the license tax to be due from the taxpayer in the following year.
Terms Used In Kentucky Statutes 137.180
- 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
(3) Any person who violates any provision of this section or KRS § 137.170 shall be subject to the uniform civil penalties imposed pursuant to KRS § 131.180 and interest at the tax interest rate as defined in KRS § 131.010(6) upon the unpaid amount from the date prescribed for its payment until payment is actually made to the department.
Effective: June 20, 2005
History: Amended 2005 Ky. Acts ch. 85, sec. 344, effective June 20, 2005. — Amended
1994 Ky. Acts ch. 65, sec. 7, effective July 15, 1994. – Amended 1992 Ky. Acts ch.
338, sec. 3, effective August 1, 1992; and ch. 403, sec. 7, effective August 1, 1992. — Amended 1986 Ky. Acts ch. 496, sec. 11, effective August 1, 1986. — Amended
1958, Ky. Acts ch. 33, secs. 3, 4, and 5, effective June 19, 1958. — Recodified 1942
Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 4223b-9,
4223b-11.