{"data":{"id":"us-ky/krs-141.3841","jurisdiction":"us-ky","citation":"KRS 141.3841","heading":"Selling farmer tax credit -- Report.","body":"(1) The selling farmer tax credit permitted by KRS 154.60-040:\n(a) Shall be nonrefundable and nontransferable; and\n(b) May be claimed against the taxes imposed in KRS 141.020 or 141.040 and\n141.0401, with the ordering of the credit as provided in KRS 141.0205.\n(2) (a) The maximum amount of credit that may be claimed by a seller in each\ntaxable year is limited to:\n1. No more than the total amount of credit approved by the Kentucky\nEconomic Development Finance Authority;\n2. Twenty-five thousand dollars ($25,000) cap for each taxable year of the\nseller when agricultural assets are sold to an actively engaged farmer\nwho does not meet the definition of a beginning farmer;\n3. Fifty thousand dollars ($50,000) cap for each taxable year of the seller\nwhen agricultural assets are sold to a beginning farmer;\n4. One hundred thousand dollars ($100,000) lifetime cap for each seller\nselling to an actively engaged farmer; and\n5. Two hundred thousand dollars ($200,000) lifetime cap for each seller\nselling to a beginning farmer.\n(b) The credit shall be first claimed on the tax return for the taxable year during\nwhich the credit was approved.\n(c) Any unused credit in a taxable year may be carried forward for up to five (5)\ntaxable years and, if not utilized within the five (5) year period, shall be lost.\n(3) In order for the General Assembly to evaluate the fulfillment of the purpose stated\nin KRS 154.60 -040, the department shall provide the following information, on a\ncumulative basis, for each seller, for each taxable year:\n(a) The location, by county, of the agricultura l assets sold to an actively engaged\nfarmer or a beginning farmer and approved for a tax credit under KRS 154.60-\n040;\n(b) The total amount of tax credit approved by the Kentucky Economic\nDevelopment Finance Authority for each seller;\n(c) The amount of tax credit claimed for each seller in each taxable year; and\n(d) 1. In the case of all taxpayers other than corporations, based on ranges of\nadjusted gross income of no larger than five thousand dollars ($5,000)\nfor the taxable year, the total amount of tax cr edits claimed and the\nnumber of returns claiming a tax credit for each adjusted gross income\nrange; and\n2. In the case of all corporations, based on ranges of net income no larger\nthan fifty thousand dollars ($50,000) for the taxable year, the total\namount of tax credit claimed and the number of returns claiming a tax\ncredit for each net income range.\n(4) The report required by subsection (3) of this section shall be submitted to the\nInterim Joint Committee on Appropriations and Revenue beginning no later t han\nNovember 1, 2021, and no later than each November 1 thereafter, as long as the\ncredit is claimed on any return processed by the department.","path":["KRS Chapter 141"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=56351","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:34Z","sha256":"855b4bc4798f7187b201bd25a375435cd09c31620b42bb755cbbca9dd8051a3a","source_id":"us-ky","stale":false,"prev":"us-ky/krs-141.384","next":"us-ky/krs-141.385"},"notice":"GroundRules: Original legal text. Not legal advice."}