{"data":{"id":"us-ky/krs-141.399","jurisdiction":"us-ky","citation":"KRS 141.399","heading":"Economic development tax credit -- Duties of department --","body":"Administrative regulations.\n(1) As used in this section:\n(a) \"Approved company\" has the same meaning as in KRS 154.32-010;\n(b) \"Authority\" has the same meaning as in KRS 154.32-010; and\n(c) \"Credit\" means the economic development credit provided to an approved\ncompany by the authority in accordance with KRS 154.32-070.\n(2) (a) For taxable years beginning on or after January 1, 2026, there shall be allowed\nan economic development credit to an approved company. The credit shall be\nrefundable, nontransferable, and allowed against the tax imposed under KRS\n141.020 or 141.040 and 141.0401, with the ordering of the credit as provided\nin KRS 141.0205.\n(b) In the case of a pass -through entity not s ubject to the tax imposed by KRS\n141.040, the credit shall be taken against the tax imposed by KRS 141.0401\nand shall be claimed by the partners, members, or shareholders in accordance\nwith their proportionate share of income.\n(c) The amount of the credit that may be claimed in a taxable year by the\napproved company shall be equal to the amount determined in accordance\nwith KRS 154.32 -070, as applicable, except the total amount of credits\nclaimed by all approved companies under KRS 154.32 -070 shall not exce ed\nfour million dollars ($4,000,000) per taxable year, of which no more than one\nmillion dollars ($1,000,000) shall be allowed for wages paid to full -time\nemployees in counties other than heritage counties.\n(3) (a) The department shall:\n1. Promulgate administrative regulations in accordance with KRS Chapter\n13A to administer the credit;\n2. Work with the authority to determine the approved amount of credit or\napportionable share of credit available to be claimed in any taxable year\non a retur n as filed by an approved company or each partner, member,\nor shareholder of an approved company; and\n3. Report the following to the authority on the credits claimed under this\nsection:\na. The total amount of credit awarded for each taxable year, by\ncounty;\nb. Each taxpayer claiming a credit; and\nc. The total amount of wages paid to a full -time employee by an\napproved company and included in its credit computation.\n(b) The information required to be reported under this subsection shall not be\nconsidered confidential taxpayer information and shall not be subject to KRS\nChapter 131 or any other provisions of the Kentucky Revised Statutes\nprohibiting disclosure or reporting of information.","path":["KRS Chapter 141"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=57113","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:35Z","sha256":"1fff8d5556179c0c0f1c389e9200ec0e400324593e510d7600243e1dad774f7b","source_id":"us-ky","stale":false,"prev":"us-ky/krs-141.398","next":"us-ky/krs-141.400"},"notice":"GroundRules: Original legal text. Not legal advice."}