KRS 136.300: Rate and payment of tax -- Exemption from other taxes -- Charging

against dividends.

(1) By July 1 succeeding the filing of the report provided for in KRS 136.290, each

financial institution included in subsection (1) of KRS 136.290 shall pay directly

into the State Treasury a tax of one dollar ($1) for each one thousand dollars

($1,000) paid in on its capital stock as fixed in KRS 136.290. The individual

shareholders shall not be required to list their shares for taxation for any purpose.

Any financial institution included in subsection (1) of KRS 136.290 shall not be

required to pay local taxes upon its capital stock, surplus, undivided profits, notes,

mortgages, or other credits, and the tax provided by this section shall be in lieu of

all taxes for state purposes on intangible property of the institution. Failure to make

reports and pay taxes as provided in this section and in KRS 136.290 shall subject

the institution to the same penalties imposed for such failure on the part of the other

corporations.

(2) If a financial institution included in subsection (1) of KRS 136.290 so elects, it may

deduct the taxes imposed in subsection (1) of this section from the dividends paid or

credited to a nonborrowing shareholder.