136.050 Time of payment of corporation, property, and franchise taxes -- Interest -- Penalties. - Kentucky Statutes

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136.050 Time of payment of corporation, property, and franchise taxes -- Interest -- Penalties. (1) Except where otherwise specially provided, all corporations required to make reports to the Department of Revenue shall pay all taxes due the state from them
into the State Treasury at the same time as natural persons are required to pay taxes,
and when delinquent shall pay the same rate of interest and penalties as natural
persons who are delinquent. (2) All state taxes assessed against any corporation under the provisions of KRS 136.120 to 136.200 shall be due and payable as provided in KRS 131.110. All
county, city, school, and other taxes so assessed shall be due and payable thirty (30)
days after notice of the amount of the tax is given by the collecting officer. The
state, county, city, school, and other taxes found to be due on any protested
assessment or portion thereof shall begin to bear legal interest on the sixty-first day
after the Kentucky Board of Tax Appeals acknowledges receipt of a protest of any
assessment or enters an order to certify the unprotested portion of any assessment
until paid, except that in no event shall interest begin to accrue prior to January 1
following April 30 of the year in which the report is due. Every corporation so
assessed that fails to pay its taxes when due shall be deemed delinquent, a penalty
of ten percent (10%) on the amount of the tax shall attach, and thereafter the tax
shall bear interest at the tax interest rate as defined in KRS 131.010(6). Effective: June 20, 2005
History: Amended 2005 Ky. Acts ch. 85, sec. 294, effective June 20, 2005. -- Amended 1992 Ky. Acts ch. 338, sec. 2, effective August 1, 1992. -- Amended 1990 Ky. Acts
ch. 163, sec. 5, effective July 13, 1990; and repealed and reenacted ch. 476, Pt. V.,
sec. 351, effective July 13, 1990. -- Amended 1958 Ky. Acts ch. 69, sec. 2, effective
June 19, 1958. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1,
1942, from Ky. Stat. secs. 4086, 4091, 4103. Legislative Research Commission Note (7/13/90). The Act amending this section prevails over the repeal and reenactment in House Bill 940, Acts ch. 476, pursuant to
Section 653(1) of Acts ch. 476.