141.445 Designation of income tax refund to pediatric cancer research trust fund.

188 words·~1 min read·/ky/chapter-141/141-445

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

(1)Effective for taxable years beginning on or after January 1, 2016, any taxpayer

required to file a return under KRS 141.180 who is entitled to an income tax refund

and who desires to contribute to the pediatric cancer research trust fund created

under KRS 211.595 may designate an amount, not to exceed the amount of the

refund, to be paid to the fund. A designation made under this section shall not affect

the income tax liability of the taxpayer, but it shall reduce the income tax refund by

the amount designated.

(2)The tax refund designation authorized by this section shall be printed on the face of

the Kentucky individual income tax form.

(3)The instructions accompanying the individual income tax return shall include a

description of the pediatric cancer research trust fund and the purposes for which

the funds from the income tax checkoff may be used.

(4)The commissioner of the department shall, by July 1, 2017, and by July 1 of each

year thereafter, transfer the funds designated by taxpayers under this section to the

pediatric cancer research trust fund created by KRS 211.595.