Form 40a727 - Income Tax Forms Requisition printable pdf download

Kentucky Tax Alert

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Limited Liability Entity Tax Estimated Payments

Any questions concerning limited liability entity tax

issues may be directed to the Division of Corporation

For taxable years beginning on or after Jan. 1, 2007, an

Tax at (502) 564-8139.

annual limited liability entity tax shall be paid by every

corporation defined in KRS 141.010(24) and every

Sales Tax Facts and Info

limited liability pass-through entity defined in KRS

141.010(28) doing business in Kentucky on all Kentucky

If you need updated sales and use tax information,

gross receipts or Kentucky gross profits pursuant to the

please reference the library of Sales Tax Facts

provisions of KRS 141.0401. This tax replaced the

n e w s l e t t e r s a t w w w. r e v e n u e . ky . g o v / n e w s r o o m /

alternative minimum calculation. There is a minimum

publications.htm. The last four years of newsletters

tax due of $175. Entities exempt from the tax are listed

are available. Also, if you need immediate sales and

in KRS 141.0401(6).

use tax assistance, in addition to calling the Division of

Sales and Use Tax at (502) 564-5170, you may

Every entity subject to the corporation income tax and/

access Live Chat in the Live Help Box at

or the limited liability entity tax is required to make a

w w w . r e v e n u e . k y . g o v ,

o r

e - m a i l

declaration of estimated tax and must pay estimated

DORWebResponseSalesTax@ky.gov.

tax installments if the taxes imposed by KRS 141.040

(corporation income tax) and/or KRS 141.0401 (limited

HB 1 of the 2007 Extraordinary Session

liability entity tax) for the taxable year can reasonably

be expected to exceed $5,000. Failure to pay estimated

HB 1 created a new Subchapter 27 of KRS Chapter

tax installments may result in the imposition of a

154, known as the Incentives for Energy Independence Act,

declaration underpayment penalty. The amount of the

for the purpose of moving the commonwealth to the

penalty is 10 percent of the amount of the

forefront of national efforts to achieve energy

underpayment, but not less than $25. For taxable years

independence by reducing the commonwealth’s reliance

beginning on or after Jan. 1, 2008, entities whose prior

on imported energy resources. The provisions of this

year combined corporation income and limited liability

subchapter seek to accomplish this purpose by providing

entity tax liability is less than or equal to $25,000 may

incentives for companies that, in a carbon ready manner,

make estimated tax installments equal to its prior year

construct, retrofit or upgrade facilities for the purpose

tax less $5,000 and avoid the underpayment of estimated

of: (a) increasing the production and sale of alternative

tax penalty. Refer to KRS 141.042, KRS 141.044(1)

transportation fuels; (b) increasing the production and

and KRS 141.990 for the laws related to the estimated

sale of synthetic natural gas, chemicals, chemical

payment requirements and penalties.

feedstocks or liquid fuels, from coal, biomass resources

or waste coal through a gasification process; or (c)

The corporation income tax estimated payment voucher

generating electricity for sale through alternative

(Form 720-ES) has been revised to accommodate the

methods such as solar power, wind power, biomass

payment of estimated limited liability entity tax for tax

resources, landfill methane gas, hydropower or other

years beginning on or after Jan. 1, 2007. The last

similar renewable resources.

estimated tax payment due date for 2007 calendar year

filers is Dec. 15, 2007. The Form 720-ES may be located

The incentives under the Incentives for Energy Independence

on the Web site under Current Year

Act are as follows: (a) an advanced disbursement of post-

Forms/Corporation Income Tax Forms.

construction incentives for which an approved company

Form 40a727 - Income Tax Forms Requisition

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