{"data":{"id":"us-ky/krs-138.507","jurisdiction":"us-ky","citation":"KRS 138.507","heading":"Liability for fantasy contest and prediction market taxes.  (Effective","body":"January 1, 2027)\n(1) (a) A fantasy contest service provider shall be liable for the payment of the tax\nlevied in KRS 138.505.\n(b) A prediction market operator shall be liable for the payment of the tax levied\nin KRS 138.506.\n(2) Notwithstanding anything in this chapter to the contrary, the president, vice\npresident, secretary, treasurer, or any other person holding any equivalent corporate\noffice of any corporation subject to K RS 138.505 or 138.506 shall be personally\nand individually liable, both jointly and severally, for the taxes imposed by KRS\n138.505 or 138.506.\n(3) Corporate dissolution, withdrawal of the corporation from the state, or the cessation\nof holding any corpora te office shall not discharge the liability of any person. The\npersonal and individual liability shall apply to every person holding a corporate\noffice at the time the tax becomes or became due.\n(4) Notwithstanding any provision of this chapter or KRS 275. 150, 362.1 -306(3) or\npredecessor law, or 362.2-404(3) to the contrary, the managers of a limited liability\ncompany, the partners of a limited liability partnership, and the general partners of a\nlimited liability limited partnership or any other person hol ding any equivalent\noffice of a limited liability company, limited liability partnership, or limited liability\nlimited partnership subject to KRS 138.505 or 138.506 shall be personally and\nindividually liable, both jointly and severally, for the fantasy sports service provider\nor prediction market operator taxes.\n(5) Dissolution, withdrawal of the limited liability company, limited liability\npartnership, or limited liability limited partnership from the state, or the cessation of\nholding any office shall no t discharge the liability of any person. The personal and\nindividual liability shall apply to every manager of a limited liability company,\npartner of a limited liability partnership, or general partner of a limited liability\nlimited partnership at the time the tax becomes or became due.\n(6) A person shall not be personally and individually liable under this section if the\nperson had no authority to collect, truthfully account for, or pay over any tax at the\ntime the taxes imposed become or became due.\n(7) \"Taxes,\" as used in this section, includes interest accrued at the rate provided by\nKRS 131.183, all applicable penalties imposed under this chapter, and all applicable\npenalties imposed under KRS 131.180, 131.410 to 131.445, and 131.990.","path":["KRS Chapter 138"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=58272","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:30Z","sha256":"13cd37cc93e494f115fedea3fe67f3be0c69d7b58b10bac03fc9e2731868e016","source_id":"us-ky","stale":false,"prev":"us-ky/krs-138.506","next":"us-ky/krs-138.510"},"notice":"GroundRules: Original legal text. Not legal advice."}