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141.208 Treatment of limited liability companies.

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141.208 Treatment of limited liability companies. (1) For the purposes of this section, &quot;limited liability company&quot; shall mean any company subject to the provisions of KRS Chapter 275. (2) For taxable years beginning after December 31, 2004, and before January 1, 2007, a limited liability company shall file a Kentucky corporate income tax return and <br>determine its Kentucky income tax liability as provided in KRS 141.040 regardless <br>of the tax treatment elected for federal income tax purposes. For all other taxable <br>years, a limited liability company shall be treated for Kentucky income tax purposes <br>in the same manner as its tax treatment elected for federal income tax purposes. All <br>other income tax issues not expressly addressed by the provisions of this chapter <br>shall be treated in the same manner as the issues are treated for federal income tax <br>purposes. Effective: June 28, 2006 <br>History: Amended 2006 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 10, effective June 28, 2006. -- Amended 2005 Ky. Acts ch. 168, sec. 19, effective March 18, 2005. -- <br>Amended 1998 Ky. Acts ch. 341, sec. 1, effective July 15, 1998. -- Created 1994 Ky. <br>Acts ch. 389, sec. 109, effective July 15, 1994. Legislative Research Commission Note (6/28/2006). 2006 (1st Extra Sess.) Ky. Acts ch. 2, sec. 73, provides that &quot;unless a provision of this Act specifically applies to an <br>earlier tax year, the provisions of this Act shall apply to taxable years beginning on or <br>after January 1, 2007.&quot; Legislative Research Commission Note (3/18/2005). 2005 Ky. Acts ch. 168, sec. 165, provides that this section shall apply to tax years beginning on or after January 1, <br>2005.