141.150 Reports of income payments to others. - Kentucky Statutes

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141.150 Reports of income payments to others. (1) Every corporation subject to the jurisdiction of this state, unless excused by the department, shall render a correct report of its payments of dividends to residents of
this state, stating the name and address of each shareholder, the number of shares
owned by him, and the amount of dividends paid to him. (2) Every person subject to the jurisdiction of this state, in whatever capacity acting, including lessees or mortgagors of real or personal property, fiduciaries and
employers, making payment to another person, domiciled in this state, of interest,
rent, premiums, annuities, compensations, remunerations, emoluments or other
fixed or determinable gains, profits and income not subject to withholding
provisions contained in KRS 141.310 of six hundred dollars ($600) or more in any
taxable year, shall render a true and accurate report to the department of the
payments made. Every person subject to the jurisdiction of this state, in whatever
capacity acting, making payment of wages to another person domiciled in this state,
shall render a true and accurate report to the department of the payments made. In
the case of such payments made by the state and its political subdivisions, the
officers or employees having information as to such payments designated by the
department by the regulations hereinafter provided for shall make such reports. The
reports shall be made under the regulations and in the form and manner and to the
extent prescribed by the department, and shall set forth the amount of the gains,
wages, profits and income, and the name and address of the recipient of the
payments. The department may also require any person to make information reports
respecting nonresidents it believes to be subject to income tax. (3) The reports contemplated by this section may be required, regardless of amounts, in the case of payments of dividends or interest upon bonds, mortgages, deeds of trust
or other similar obligations of corporations. When necessary to make effective the
provisions of this section, the name and address of the recipient of the income shall
be furnished upon demand of the person paying the income. The provisions of this
section shall not apply to the payment of interest on obligations of the United States
or of this state, or the political subdivisions thereof. Effective: June 20, 2005
History: Amended 2005 Ky. Acts ch. 85, sec. 482, effective June 20, 2005. -- Amended 1986 Ky. Acts ch. 496, sec. 22, effective August 1, 1986. -- Amended 1956 (4th
Extra. Sess.) Ky. Acts ch. 4, sec. 8, effective April 23, 1956. -- Amended 1954 Ky.
Acts ch. 79, sec. 12. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1,
1942, from Ky. Stat. sec. 4281b-9. Legislative Research Commission Note. A technical correction has been made in this section by the Reviser of Statutes pursuant to KRS 7.136.