Ky. Rev. Stat. § 141.044

Current through Acts Received April 8, 2024

Section 141.044 - Payment of estimated tax by corporations and pass-through entities - Refund of taxes - Administrative regulations

(1) For taxable years beginning on or after January 1, 2019, every corporation and limited liability pass-through entity subject to taxation under KRS 141.040 and 141.0401 shall make estimated tax payments if the taxes imposed by KRS 141.040 and 141.0401 for the taxable year can reasonably be expected to exceed five thousand dollars ($5,000).

(2) Estimated tax payments for the taxes imposed under KRS 141.040 and 141.0401 shall be made at the same time and calculated in the same manner as estimated tax payments for federal income tax purposes under 26 U.S.C. sec. 6655, except:

(a) The estimated liabilities for the taxes imposed under KRS 141.040 and 141.0401 shall be used to make the estimated payments;

(b) Any provisions in 26 U.S.C. sec. 6655 that apply for federal tax purposes but do not apply to the taxes imposed under KRS 141.040 and 141.0401;

(c) The addition to tax identified by 26 U.S.C. sec. 6655(a) shall instead be considered a penalty under KRS 131.180;

(d) The tax interest rate identified under KRS 131.183 shall be used to determine the underpayment rate instead of the rate under 26 U.S.C. sec. 6621;

(e) Any waiver of penalties shall be performed as provided in KRS 131.175; and

(f)

1. A refund of taxes collected under this section shall include interest at the tax interest rate as defined in KRS 131.010(6).

2. Interest shall not begin to accrue until ninety (90) days after the latest of:

a. The due date of the return;

b. The date the return was filed;

c. The date the tax was paid;

d. The last day prescribed by law for filing the return; or

e. The date an amended return claiming a refund is filed.

3. No refund shall be made of any estimated tax paid unless a return is filed as required by this chapter.

(3) The department may promulgate administrative regulations to implement this section.

KRS 141.044

Amended by 2020 Ky. Acts ch. 91,§ 9, eff. 4/15/2020.

Amended by 2019 Ky. Acts ch. 151,§ 42, eff. 3/26/2019.

Effective:3/24/2009
Repealed and reenacted 2009, Ky. Acts ch. 86, sec. 8, effective3/24/2009. -- Amended 2008, Ky. Acts ch. 132, sec. 9, effective 4/24/2008. --Amended 1982 Ky. Acts ch. 452, sec. 24, effective 7/1/1982. -- Amended 1976 Ky. Acts ch. 155, sec. 9. -- Amended 1966 Ky. Acts ch. 24, Part II, sec. 2; and ch. 176, Part II, sec. 2. -- Created 1960 Ky. Acts ch. 186, Art. III, sec. 3.