103 KAR 20:035. Corporation license tax policies and circulars.

 

      RELATES TO: KRS 131.130(1).

      STATUTORY AUTHORITY: KRS 131.130(1)

      NECESSITY, FUNCTION, AND CONFORMITY: Kentucky law requires administrative bodies, when promulgating statements of general applicability that implement, interpret or prescribe law or policy, to do so only through an administrative regulation. The Department of Revenue has many policies and circulars, a number of which predate the enactment of KRS Chapter 13A, that conflict with current tax laws. This administrative regulation rescinds corporation license tax policies and circulars.

 

      Section 1. The following corporation license tax policies and circulars of the Department of Revenue are rescinded and shall be null, void, and unenforceable:

      (1) Revenue Policy 41P500 - Agreement to extend statute of limitations. This policy is being rescinded because it restates KRS 134.580(5), which was codified as KRS 134.580(4) at the time of the policy’s issuance. Corporation license tax was repealed effective for tax periods that end on or after December 31, 2005.

      (2) Revenue Policy 41P510 - Final license tax return. This policy is being rescinded because it conflicts with KRS 136.070 and 136.090. Corporation license tax was repealed effective for tax periods that end on or after December 31, 2005.

      (3) Revenue Policy 41P520 - Capital. This policy is being rescinded because it conflicts with KRS 136.070. This policy was made obsolete by 103 KAR 20:020, which provides guidance on the computation of capital. Corporation license tax was repealed effective for tax periods that end on or after December 31, 2005.

      (4) Revenue Policy 41P530 - Borrowed moneys. This policy is being rescinded because it conflicts with KRS 136.070. Corporation license tax was repealed effective for tax periods that end on or after December 31, 2005.

      (5) Revenue Policy 41P540 - Unearned leasehold income. This policy is being rescinded because it restates KRS 136.070. This policy was made obsolete by 103 KAR 20:020, which provides guidance on the computation of capital. Corporation license tax was repealed effective for tax periods that end on or after December 31, 2005.

      (6) Revenue Policy 41P550 - Borrowed moneys. This policy is being rescinded because it conflicts with KRS 136.070. Corporation license tax was repealed effective for tax periods that end on or after December 31, 2005.

      (7) Revenue Policy 41P560 - Outer continental shelf. This policy is being rescinded because it restates KRS 136.070 and the holding of court decisions. Corporation license tax was repealed effective for tax periods that end on or after December 31, 2005.

      (8) Revenue Policy 41P570 - Corporation license tax apportionment factor. This policy is being rescinded because it conflicts with KRS 136.070. Corporation license tax was repealed effective for tax periods that end on or after December 31, 2005.

      (9) Revenue Policy 41P580 - Sales factor. This policy is being rescinded because it restates KRS 136.070. Corporation license tax was repealed effective for tax periods that end on or after December 31, 2005.

      (10) Revenue Policy 41P590 - Homeowners association. This policy is being rescinded because it restates KRS 136.070. Corporation license tax was repealed effective for tax periods that end on or after December 31, 2005.

      (11) Revenue Policy 41P600 - Real estate investment trusts. This policy is being rescinded because it restates KRS 136.070 and 446.010(8). Corporation license tax was repealed effective for tax periods that end on or after December 31, 2005. (33 Ky.R. 1211; Am. 1793; eff. 2-2-2007.)