136.060 Corporation organization tax.
465 words·~2 min read·
/ky/chapter-136/136-060A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)Every corporation incorporated under the laws of this state, having a capital stock
divided into shares, shall pay into the State Treasury, at the time of incorporation,
an organization tax based upon the number of shares authorized by the articles of
incorporation, at the following rates: one cent ($0.01) for each share authorized up
to and including twenty thousand (20,000) shares, one-half cent ($0.005) for each
share in excess of twenty thousand (20,000) shares and up to and including two
hundred thousand (200,000) shares, and one-fifth cent ($0.002) for each share in
excess of two hundred thousand (200,000) shares.
(2)Upon the filing of an amendment to articles of incorporation changing the
authorized number of shares, the tax that would be due upon the number of shares
authorized by the articles of incorporation as so amended, at the rates set forth in
subsection
(1)of this section, shall be computed, and if the tax as so computed
exceeds the amount of tax paid on the basis of the number of shares authorized by
the articles prior to the amendment, the excess tax shall be paid at the time the
amendment is filed.
(3)Every corporation that has not, prior to July 1, 1946, become liable for the payment
of a Kentucky organization tax upon any or all of its capital stock, and that by
amendment of its articles of incorporation changes its name, increases its powers,
enlarges its scope, or prolongs its corporate life, shall, upon the filing of the
amendment, pay the tax as provided in subsection
(1)of this section upon its entire
capital stock, or so much thereof as has not theretofore borne the tax.
(4)A consolidated or merged corporation formed under the laws of this state shall not
be required to pay any organization tax on the number of shares of capital stock on
which the organization tax has been paid by the constituent corporations prior to the
consolidation or merger, but the organization tax shall be paid on any increase of
the number of shares of capital stock of the consolidated corporation over the
aggregate number of shares of the constituent corporations prior to the consolidation
or merger. When a foreign corporation consolidates or merges with one
(1)or more
corporations of this state, the organization tax shall be paid on the number of shares
of capital stock of the foreign corporation.
(5)No corporation subject to the tax imposed by this section shall have or exercise any
corporate powers until the tax has been paid, and upon payment it shall file a
statement thereof with the Secretary of State. No corporation required to pay a tax
under any of the provisions of this section shall in any event pay a less sum therefor
than ten dollars ($10).