{"data":{"id":"us-ky/krs-141.4242","jurisdiction":"us-ky","citation":"KRS 141.4242","heading":"Nonrefundable credit for producers of ethanol.","body":"(1) (a) For taxable years beginning after December 31, 2007, an ethanol producer\nshall be eligible for a nonrefundable tax credit against the taxes imposed by\nKRS 141.020 or 141.040 and 141.0401 in an amount certified by the\ndepartment under subsection (3) of this  section. The credit rate shall be one\ndollar ($1) per ethanol gallon produced, unless the total amount of approved\ncredit for all ethanol producers exceeds the annual ethanol tax credit cap. If\nthe total amount of approved credit for all ethanol producers  exceeds the\nannual ethanol tax credit cap, the department shall determine the amount of\ncredit each ethanol producer receives by multiplying the annual ethanol tax\ncredit cap by a fraction, the numerator of which is the amount of approved\ncredit for the e thanol producer and the denominator of which is the total\napproved credit for all ethanol producers.\n(b) The credit allowed under paragraph (a) of this subsection shall be applied both\nto the income tax imposed under KRS 141.020 or 141.040 and to the limit ed\nliability entity tax imposed under KRS 141.0401, with the ordering of credits\nas provided in KRS 141.0205.\n(2) The credit provided under subsection (1) of this section shall not be carried forward\nto a return for any other period.\n(3) Each ethanol produ cer eligible for the credit provided under subsection (1) of this\nsection shall file an ethanol tax credit claim for ethanol gallons produced in this\nstate on forms prescribed by the department by January 15 following the close of\nthe preceding calendar ye ar. The department shall determine the amount of the\napproved credit based on the amount of ethanol produced in this state during the\npreceding calendar year and shall issue a credit certificate to the ethanol producer by\nApril 15 following the close of the preceding calendar year.\n(4) In the case of an ethanol producer that has a fiscal year end for purposes of\ncomputing the tax imposed by KRS 141.020, 141.040, and 141.0401, the amount of\napproved credit provided under subsection (1) of this section shall be claimed on\nthe return filed for the first fiscal year ending after the close of the preceding\ncalendar year.","path":["KRS Chapter 141"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29148","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:35Z","sha256":"873a8546d00c2c118ad469749fd9e5a45ae3db4bfd051311f63b09c9163aa0f4","source_id":"us-ky","stale":false,"prev":"us-ky/krs-141.424","next":"us-ky/krs-141.4244"},"notice":"GroundRules: Original legal text. Not legal advice."}