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136.300 Rate and payment of tax -- Exemption from other taxes -- Charging against dividends.

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136.300 Rate and payment of tax -- Exemption from other taxes -- Charging against dividends. (1) By July 1 succeeding the filing of the report provided for in KRS 136.290, each financial institution included in subsection (1) of KRS 136.290 shall pay directly <br>into the State Treasury a tax of one dollar (&#36;1) for each one thousand dollars <br>(&#36;1,000) paid in on its capital stock as fixed in KRS 136.290. The individual <br>shareholders shall not be required to list their shares for taxation for any purpose. <br>Any financial institution included in subsection (1) of KRS 136.290 shall not be <br>required to pay local taxes upon its capital stock, surplus, undivided profits, notes, <br>mortgages, or other credits, and the tax provided by this section shall be in lieu of <br>all taxes for state purposes on intangible property of the institution. Failure to make <br>reports and pay taxes as provided in this section and in KRS 136.290 shall subject <br>the institution to the same penalties imposed for such failure on the part of the other <br>corporations. (2) If a financial institution included in subsection (1) of KRS 136.290 so elects, it may deduct the taxes imposed in subsection (1) of this section from the dividends paid or <br>credited to a nonborrowing shareholder. Effective: July 13, 1990 <br>History: Amended 1990 Ky. Acts ch. 262, sec. 2, effective July 13, 1990. -- Amended 1972 Ky. Acts ch. 121, sec. 3. -- Amended 1970 Ky. Acts ch. 14, sec. 3. -- Amended <br>1966 Ky. Acts ch. 255, sec. 131. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, <br>effective October 1, 1942, from Ky. Stat. secs. 4019a-7, 4019a-8.