141.412 Tax credit for qualified farming operation.

262 words·~1 min read·/ky/chapter-141/141-412

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)A qualified farming operation shall be entitled to a nonrefundable credit against the

Kentucky income tax liability established pursuant to the provisions of this chapter

on any income of the qualified farming operation generated by or arising out of the

qualified farming operation's participation in a networking project, and against the

limited liability entity tax imposed by KRS 141.0401 on any Kentucky gross profits

or Kentucky gross receipts of the qualified farming operation generated by or

arising out of the qualified farming operation's participation in a networking project.

The credits shall be applied as provided in KRS 141.0205. The annual credit shall

be available for the first five

(5)years that the farming operation is involved in the

networking project. The annual credit shall be equal to the approved costs incurred

by the qualified farming operation during the tax year and shall not exceed the

income, Kentucky gross profits or Kentucky gross receipts, as the case may be, of

the qualified farming operation generated by or arising out of the qualified farming

operation's participation in a networking project.

(2)Any credit not used in the tax year in which it first becomes available may be

carried forward to the next succeeding five

(5)tax years until the credit has been

fully used. The aggregate credit used in any tax year shall not exceed the income,

Kentucky gross profits or Kentucky gross receipts, as the case may be, of the

qualified farming operation generated by or arising out of the qualified farming

operation's participation in a networking project in that tax year.