136.300 Rate and payment of tax -- Exemption from other taxes -- Charging
197 words·~1 min read·
/ky/136-300A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
against dividends.
(1)By July 1 succeeding the filing of the report provided for in KRS 136.290, each
financial institution included in subsection
(1)of KRS 136.290 shall pay directly
into the State Treasury a tax of one dollar ($1) for each one thousand dollars
($1,000) paid in on its capital stock as fixed in KRS 136.290. The individual
shareholders shall not be required to list their shares for taxation for any purpose.
Any financial institution included in subsection
(1)of KRS 136.290 shall not be
required to pay local taxes upon its capital stock, surplus, undivided profits, notes,
mortgages, or other credits, and the tax provided by this section shall be in lieu of
all taxes for state purposes on intangible property of the institution. Failure to make
reports and pay taxes as provided in this section and in KRS 136.290 shall subject
the institution to the same penalties imposed for such failure on the part of the other
corporations.
(2)If a financial institution included in subsection
(1)of KRS 136.290 so elects, it may
deduct the taxes imposed in subsection
(1)of this section from the dividends paid or
credited to a nonborrowing shareholder.