{"data":{"id":"us-ky/krs-136.506","jurisdiction":"us-ky","citation":"KRS 136.506","heading":"Inapplicability of KRS 136.505 after January 1, 2021 -- Financial","body":"institutions subject to corporation income tax, limited liability entity tax, and\napplicable local government franchise taxes after January 1, 2021 -- Short-year\nreturns.\n(1) Beginning January 1, 2021, the state bank franchise tax under KRS 136.505 shall no\nlonger apply to financial institutions.\n(2) Beginning January 1, 2021, all financial institutions shall be subject to the\ncorporation income tax under KRS 141.040 and the limited liability entity tax under\nKRS 141.0401. Notwithstanding KRS 141.040 and 141.0401, any financial\ninstitution operating on a fiscal year basis shall file a short -year corporation income\nand limited liability entity tax return and pay any tax due thereon for the period\nbeginning January 1, 2021, through the end of the financial institution's normal\nfiscal year. The department may issue guidance regarding the filing of the short-year\nreturn.\n(3) Financial institutions shall be subject to all applicable loca l government franchise\ntaxes imposed under KRS 136.575.","path":["KRS Chapter 136"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=49391","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:27Z","sha256":"a07cfc7a663061f8130b64c8dc919df5ac39000d71c65aded509a772d2bba239","source_id":"us-ky","stale":false,"prev":"us-ky/krs-136.505","next":"us-ky/krs-136.510"},"notice":"GroundRules: Original legal text. Not legal advice."}