Disaster Declaration for Ten Kentucky Counties April 2 - 17
There was a recent disaster declaration for individual assistance issued by the Federal Emergency Management Agency for ten counties in Kentucky that experienced storms, tornadoes, floods and landslides during the period of April 2-17. The affected counties are: Bath, Bourbon, Carter, Elliot, Franklin, Jefferson, Lawrence, Madison, Rowan and Scott.
The declaration permits the IRS and the Department of Revenue to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after April 2 and on or before July 31 have been postponed to July 31, 2015. This includes the April 15 deadline for filing 2014 individual income tax returns, making income tax payments and making 2014 contributions to an individual retirement account (IRA). There is other relief for businesses, exempt organizations and individuals spelled out in the news release.
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Utility Gross Receipts License Tax for Jackson County School District
The Jackson County Board of Education recently passed Order #14586 to implement the Utility Gross Receipts License Tax (UGRLT) on both utility services (KRS 160.613) and cable services (KRS 160.614) provided within the county at 3 percent for all taxable services. This imposition has a liability date of August 1, 2011. If you provide these types of services in Jackson County, you will be required to remit this tax on receipts derived from the furnishing of these services in the Jackson County School District beginning on August 1, 2011. More information.
Motor Vehicle Trade-In Allowance Tax Credit
Click here for Motor Vehicle Trade-In Allowance Tax Credit Total and forecast end date. The New Motor Vehicle Usage Tax link provides detailed information regarding New Motor Vehicle Trade-In Allowance for Motor Vehicle Usage Tax. Click here for additional information.
Insurance Premiums Tax/Surcharge
Insurance Premium Surcharge Rate Adjustment
Special Notice - Attention Insurers, Surplus Lines Brokers and Agents
Adjustment of premium surcharge rate effective April 1, 2010
Pursuant to KRS 136.392(1)(b), the premium surcharge rate will increase from $1.50 to $1.80 per $100.00 of premiums, assessments, or other charges for insurance coverage provided to policyholders on risks located in Kentucky. The adjustment to the premium surcharge rate will be effective and applied to all payments for insurance coverage reported on or after April 1, 2010.
Forms will be updated to reflect this change and will be available on the Current Year Insurance Premiums Tax/Surcharge Forms page prior to the effective date of the change. This page can be found at: http://revenue.ky.gov/forms/14IPTSF.htm
It should be noted that the exceptions listed in KRS 136.392(5) remain in full force and effect. Also be advised as follows:
Municipal premium taxes imposed pursuant to KRS 91A are not to be included in calculation of the premium surcharge;
Life and health insurers are not subject to the premium surcharge imposed by KRS 136.392; and
Pursuant to KRS 342.122(1)(e), the premium surcharge shall not be imposed on Workers’ Compensation premium.
Any questions regarding the premium surcharge rate adjustment should be directed to the Miscellaneous Tax Branch at (502) 564-9300.
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Rebate for a Governmental Public Facility
This link provides detailed information regarding the Rebate for a Governmental Public Facility. Click here for additional information.