{"data":{"id":"us-ky/krs-141.405","jurisdiction":"us-ky","citation":"KRS 141.405","heading":"Tax credit for company approved for occupational or skills upgrade","body":"training program under KRS 154.12 -2084 to 154.12 -2089 -- Administrative\nregulations.\n(1) As used in this section, unless the context requires otherwise:\n(a) \"Approved company\" has the same meaning as set forth in KRS 154.12-2084;\n(b) \"Skills training investment credit\" has the same meaning as set forth in KRS\n154.12-2084;\n(c) \"Kentucky gross receipts\" means Kentucky gross receipts as defined in KRS\n141.0401; and\n(d) \"Kentucky gro ss profits\" means Kentucky gross profits as defined in KRS\n141.0401.\n(2) An approved company shall determine the tax credit as provided in this section.\n(3) (a) An approved company which is an individual sole proprietorship subject to\ntax under KRS 141.020  or a corporation or pass -through entity treated as a\ncorporation for federal income tax purposes subject to tax under KRS 141.040\nshall:\n1. Compute the tax due at the applicable tax rates as provided by KRS\n141.020 or 141.040 on net income or taxable net income;\n2. Compute the limited liability entity tax imposed under KRS 141.0401 on\nKentucky gross profits or Kentucky gross receipts; and\n3. Add the amounts computed under subparagraphs 1. and 2. of this\nparagraph and, if applicable, subtract the credit pe rmitted by KRS\n141.0401(3) from that sum. The resulting amount shall be the net tax for\npurposes of this subsection;\n(b) The amount of the skills training investment credit that the Bluegrass State\nSkills Corporation has given final approval for under KRS 154.12-2088(6)\nshall be applied against the net tax computed under paragraph (a)3. of this\nsubsection; and\n(c) The skills training investment credit payment shall not exceed the amount of\nthe final approval awarded by the Bluegrass State Skills Corporation under\nKRS 154.12-2088(6).\n(4) (a) In the case of an approved company which is a pass -through entity not subject\nto the tax imposed by KRS 141.040, the amount of the tax credit awarded by\nthe Bluegrass State Skills Corporation in KRS 154.12 -2088(6) shall be taken\nagainst the tax imposed by KRS 141.0401 by the approved company, and shall\nalso be apportioned among th e partners, members, or shareholders thereof at\nthe same ratio as the partners', members', or shareholders' distributive shares\nof income are determined for the tax year during which the final authorization\nresolution is adopted by the Bluegrass State Skil ls Corporation in KRS\n154.12-2088(6).\n(b) The amount of the tax credit apportioned to each partner, member, or\nshareholder that may be claimed in any tax year of the partner, member, or\nshareholder shall be determined in accordance with the provisions of K RS\n154.12-2086.\n(5) (a) In the case of an approved company that is a trust not subject to the tax\nimposed by KRS 141.040, the amount of the tax credit awarded by the\nBluegrass State Skills Corporation in KRS 154.12 -2088(6) shall be\napportioned to the trust and the beneficiaries on the basis of the income of the\ntrust allocable to each for the tax year during which the final authorizing\nresolution is adopted by the Bluegrass State Skills Corporation in KRS\n154.12-2088(6).\n(b) The amount of tax credit apporti oned to each trust or beneficiary that may be\nclaimed in any tax year of the trust or beneficiary shall be determined in\naccordance with the provisions of KRS 154.12-2086.\n(6) The Department of Revenue may promulgate administrative regulations in\naccordance with KRS Chapter 13A adopting forms and procedures for the reporting\nof the credit allowed in KRS 154.12-2084 to 154.12-2089.","path":["KRS Chapter 141"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=47398","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:35Z","sha256":"ffaa4c6bdb75929ea59ea322e00c1649e6febec691d4466e2ef5304c6b252ba9","source_id":"us-ky","stale":false,"prev":"us-ky/krs-141.403","next":"us-ky/krs-141.407"},"notice":"GroundRules: Original legal text. Not legal advice."}