Kentucky Statutes 304.39-120 – Calculation of net loss
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(1) All benefits or advantages a person receives or is entitled to receive because of the injury from workers’ compensation are subtracted in calculating net loss.
(2) If a benefit or advantage received to compensate for loss of income because of injury, whether from basic reparation benefits or from any source of benefits or advantages subtracted under subsection (1), is not taxable income, the income tax saving that is attributable to his loss of income because of injury is subtracted in calculating net loss. Subtraction may not exceed fifteen percent (15%) of the loss of income and shall be in a lesser amount if the claimant furnishes to the insurer reasonable proof of a lower value of the income tax advantage.
Effective: July 15, 1982
History: Amended 1982 Ky. Acts ch. 123, sec. 19, effective July 15, 1982. — Created
1974 Ky. Acts ch. 385, sec. 12, effective July 1, 1975.
(2) If a benefit or advantage received to compensate for loss of income because of injury, whether from basic reparation benefits or from any source of benefits or advantages subtracted under subsection (1), is not taxable income, the income tax saving that is attributable to his loss of income because of injury is subtracted in calculating net loss. Subtraction may not exceed fifteen percent (15%) of the loss of income and shall be in a lesser amount if the claimant furnishes to the insurer reasonable proof of a lower value of the income tax advantage.
Terms Used In Kentucky Statutes 304.39-120
- Loss: means accrued economic loss consisting only of medical expense, work loss, replacement services loss, and, if injury causes death, survivor's economic loss and survivor's replacement services loss. See Kentucky Statutes 304.39-020
- Net loss: means loss less benefits or advantages, from sources other than basic and added reparation insurance, required to be subtracted from loss in calculating net loss. See Kentucky Statutes 304.39-020
Effective: July 15, 1982
History: Amended 1982 Ky. Acts ch. 123, sec. 19, effective July 15, 1982. — Created
1974 Ky. Acts ch. 385, sec. 12, effective July 1, 1975.