141.384 Nonrefundable tax credit for small businesses.
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<![CDATA[ Page 1 of 1 141.384 Nonrefundable tax credit for small businesses. (1) As used in this section, "small business" has the same meaning as in KRS 154.12-325. (2) (a) For taxable years beginning after December 31, 2010, a small business may be eligible for a nonrefundable credit of up to one hundred percent (100%) of the <br>Kentucky income tax imposed under KRS 141.020 or 141.040, and the <br>limited liability entity tax imposed under KRS 141.0401. (b) A small business that is subject to the tax imposed by KRS 141.020 or 141.040 and that has tax credits approved under Subchapter 60 of KRS <br>Chapter 154 shall apply the credits against the income tax imposed by KRS <br>141.020 or 141.040 and against the limited liability entity tax imposed by <br>KRS 141.0401, with the ordering of credits as provided in KRS 141.0205. (c) A small business that is a pass-through entity not subject to the tax imposed by KRS 141.040 and that has tax credits approved under Subchapter 60 of <br>KRS Chapter 154 shall apply the credits against the limited liability entity tax <br>imposed by KRS 141.0401, and shall also distribute the amount of the <br>approved tax credits to each partner, member, or shareholder based on the <br>partner's, member's, or shareholder's distributive share of income as <br>determined for the year during which the tax credits are approved, with the <br>ordering of credits as provided in KRS 141.0205. Effective: June 4, 2010 <br>History: Amended 2010 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 13, effective June 4, 2010. -- Created 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 68, effective June 26, <br>2009. ]]>