{"data":{"id":"us-ky/krs-141.063","jurisdiction":"us-ky","citation":"KRS 141.063","heading":"Skills training investment credits allowed by KRS 154.12-204 to 154.12-208","body":"-- Application to income tax obligations -- Annual report.\n(1) As used in this section, unless the context requires otherwise:\n(a) \"Approved company\" has the same meaning as in KRS 154.12-204;\n(b) \"Corporation\" has the same meaning as in KRS 154.12-204;\n(c) \"Occupational upgrade training\" has the same meaning as in KRS 154.12-204;\n(d) \"Qualified company\" has the same meaning as in KRS 154.12-204;\n(e) \"Skills training inve stment credit\" has the same meaning as in KRS 154.12 -\n204; and\n(f) \"Skills upgrade training\" has the same meaning as in KRS 154.12-204.\n(2) For taxable years beginning on or after July 1, 2022, the corporation shall not accept\napplications for the skills training investment credits allowed by KRS 154.12-204 to\n154.12-208.\n(3) The amount of skills training investment credit awarded by the corporation under\nKRS 154.12-204 to 154.12 -208 shall be credited on the tax return of the approved\ncompany in the year the  corporation's closeout of approved training costs were\nincurred. The skills training investment credits allowed shall only be used by the\napproved company that has been awarded the credits in accordance with KRS\n154.12-204 to 154.12-208. The skills training investment credits shall be applied to\nthe income tax imposed by KRS 141.020 or 141.040. The credit may also be\napplied to the limited liability entity tax imposed by KRS 141.0401, with the order\nof the credits as provided in KRS 141.0205. These credits  shall be in addition to all\nother tax credits granted under the laws of the Commonwealth.\n(4) The skills training investment credit may be carried forward for three (3) successive\nfiscal years by the approved company if the amount allowable as credits exceeds the\nincome tax liability of the approved company in the tax year during which the final\ncloseout of the approved training costs were incurred. Any excess credits shall not\nbe refundable or carried forward beyond the third fiscal year.\n(5) A qualified company shall not be entitled to receive the grant -in-aid under KRS\n154.12-207 or skills training investment credits if the qualified company requires\nthe employee to reimburse the employer or otherwise pay for any costs or expenses\nincurred in connection with the occupational upgrade training or skills upgrade\ntraining.\n(6) To the extent that any expenditures of a qualified company constitute approved\ncosts and are the basis for the skills upgrade or occupational upgrade training under\nKRS 154.12 -207, thes e expenditures shall only be eligible as the basis for either\ngrants-in-aid or skills training investment credits.\n(7) By October 1 of each year, the Department of Revenue shall certify to the\ncorporation the amount of any skills training investment credit s taken pursuant to\nKRS 154.12-207 on tax returns filed during the fiscal year ending June 30 of that\nyear.\n(8) The Department of Revenue may promulgate administrative regulations in\naccordance with KRS Chapter 13A to adopt forms and procedures for the rep orting\nof the credit authorized in KRS 154.12-204 to 154.12-208.\n(9) (a) In order for the General Assembly to evaluate the fulfillment of the purposes\nof this section, the department shall submit the following information, related\nto each taxable year that a grant -in-aid under KRS 154.12 -207 or skills\ntraining investment credit is claimed on any income tax return filed:\n1. The cumulative amount of tax credits by taxable year claimed by entity\ntype, including:\na. Person;\nb. Corporation;\nc. Limited liability company;\nd. Partnership;\ne. Limited partnership;\nf. Sole proprietorship;\ng. Holding company;\nh. Joint stock company;\ni.  Professional services corporation; or\nj. Any other legal entity through which business is conducted;\n2. The number of returns filed claiming a tax credit for each taxable year\nby entity type;\n3. In the case of a taxpayer other than a corporation, based on the mailing\naddress of the return, the total amount of credits claimed by county;\n4. In the case of a taxpayer other than a corporation, based on ranges of\nadjusted gross income of no larger than five thousa nd dollars ($5,000),\nthe total amount of credit claimed for each adjusted gross income range\nby taxable year; and\n5. In the case of a corporation, based on ranges of net income no larger\nthan fifty thousand dollars ($50,000), the total amount of credit cl aimed\nfor each net income range.\n(b) The report required by paragraph (a) of this subsection shall be submitted to\nthe Interim Joint Committee on Appropriations and Revenue beginning no\nlater than November 1, 2018, and no later than each November 1 thereafter, as\nlong as the skills training investment credit is claimed on any return processed\nby the department.","path":["KRS Chapter 141"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=48329","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:34Z","sha256":"2d64d8bfb53a75bc53ed2fdf55ed2cee9ef315f1e81560b3ba9e2ba650b00126","source_id":"us-ky","stale":false,"prev":"us-ky/krs-141.062","next":"us-ky/krs-141.065"},"notice":"GroundRules: Original legal text. Not legal advice."}