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141.424 Biodiesel credit distribution for pass-through entities.

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Page 1 of 1 141.424 Biodiesel credit distribution for pass-through entities. (1) In the case of a biodiesel producer, biodiesel blender, or renewable diesel producer which is a pass-through entity not subject to tax under KRS 141.040, the amount of <br>approved credit shall be applied against the tax imposed by KRS 141.0401 at the <br>entity level, and shall also be distributed to each partner, member, shareholder, or <br>beneficiary based on the partner's, member's, shareholder's, or beneficiary's <br>distributive share of the income of the pass-through entity. Each biodiesel producer, <br>biodiesel blender, or renewable diesel producer shall notify the department <br>electronically of all partners, members, shareholders, or beneficiaries who may <br>claim any amount of the approved credit. Failure to provide information to the <br>department in a manner prescribed by administrative regulation may constitute the <br>forfeiture of available credits to all partners, members, shareholders, or beneficiaries <br>in the pass-through entity. (2) An agricultural cooperative association organized under KRS Chapter 272 may elect to apportion pro rata any amount of the approved credit among the members of <br>the association on the basis of the quantity or value of business done with or for <br>such members for the taxable year. The agricultural cooperative association shall <br>notify the department electronically of all members who may claim any amount of <br>the approved credit if the election is made. Effective: August 30, 2007 <br>History: Amended 2007 (2d Extra. Sess.) Ky. Acts ch. 1, sec. 22, effective August 30, 2007. -- Amended 2006 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 34, effective June 28, <br>2006. -- Created 2005 Ky. Acts ch. 168, sec. 138, effective March 18, 2005. 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. Legislative Research Commission Note (3/18/2005). 2005 Ky. Acts ch. 11, 85, 95, 97, 98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory references to <br>agencies and officers whose names have been changed in 2005 legislation confirming <br>the reorganization of the executive branch. Such a correction has been made in this <br>section.