(1) The Department of Revenue shall determine the fair cash value of the operating property of a domestic public service corporation as a unit. The fair cash value of the operating property shall be equalized.
(2) The Department of Revenue shall determine the fair cash value of the operating property of a foreign public service corporation or a domestic public service corporation with property or routes in Kentucky and outside Kentucky as a unit according to subsection (1). The fair cash value of the operating property everywhere valued as a unit shall be apportioned to Kentucky based on the average of the property factor and the business factor. The fair cash value of the operating property in Kentucky shall be equalized.
(a) The property factor shall fairly reflect the amount of operating property operated, owned, or leased in Kentucky compared to the total amount of operating property operated, owned, or leased everywhere. An allocable portion of the rolling stock, aircraft, and watercraft of a common carrier shall be included in the operating property, operated, owned, or leased in Kentucky. This factor may be a single factor or an average of several factors.
(b) The business factor shall fairly reflect the utilization of the operating property operated, owned, or leased in Kentucky compared to the utilization of the operating property operated, owned, or leased everywhere. This factor may be a single factor or an average of several factors.
(3) The nonoperating tangible and nonoperating intangible property of public service corporations whose operating property is valued according to either subsection (1) or (2) shall be valued by the Department of Revenue in the same manner and according to the same standards as if this property were valued by the property valuation administrator in the county where the property has a taxable situs. Effective: June 20, 2005 History: Amended 2005 Ky. Acts ch. 85, sec. 306, effective June 20, 2005. -- Amended 1962 Ky. Acts ch. 29, sec. 7. -- Amended 1960 Ky. Acts ch. 186, Art. II, sec. 5. -- Amended 1954 Ky. Acts ch. 149, sec. 2. -- Amended 1942 Ky. Acts ch. 164, secs. 1 and 2. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 4079, 4080, 4081.
Notes of Decisions
Luckett v. Tennessee Gas Transmission Co., 331 S.W.2d 879 (Ky. Ct. App. 1960).
· cites it 14× “160) requires that "the department shall fix the value of the capital stock in this state of *881 foreign public service corporations" it is speaking of all property of the corporation, including the intangible value gained by the use of it as a going concern under governmental…”
Revenue Cabinet v. Comcast Cablevision of the South, 147 S.W.3d 743 (Ky. Ct. App. 2003).
· cites it 2× “In other words, “operating property” is not further broken down to the classifications of “operating tangible property” and “operating intangible property.” Although “franchise” is not a defined statutory term, Kentucky cases interpreting Kentucky Statutes (KS) 4077 and 4079,…”
City of Louisville Ex Rel. v. Howard, 208 S.W.2d 522 (Ky. Ct. App. 1947).
· cites it 2× “KRS 136.160. The very first requirement necessitates a determination of the value of -a corporation’s capital stock.”
Cooksey Bros. Disposal Co. v. Boyd Cnty., 973 S.W.2d 64 (Ky. Ct. App. 1997).
“KRS 136.160(1). Although KRS 136.115(2) deems payment of taxes on operating property to be payment of taxes on the franchise, Cooksey has not shown that Boyd County did, in fact, tax the value of a franchise under KRS 136.”
Allphin v. Ohio River Co., 306 S.W.2d 94 (Ky. Ct. App. 1957).
· cites it 2× “Similarly subsection (3) of Section 136.160 was amended by republishing this entire subsection (3) and adding a “water transportation company” as one of those to which a particular formula would be applied “in fixing the value of the corporate franchise of such corporation…”
Luckett v. Texas E. Transmission Corp., 336 S.W.2d 567 (Ky. Ct. App. 1960).
· cites it 3× “*568 Here we are concerned with subsections (2) and (3) of KRS 136.160, which read: “(2). Except as provided in subsection (3) of this section, the department shall fix the value of the capital stock in this state of foreign public service corporations by capitalizing the net…”
— Ky. Rev. Stat. § 136.160(1) — 2 cases
Revenue Cabinet v. Comcast Cablevision of the South, 147 S.W.3d 743 (Ky. Ct. App. 2003).
“In other words, “operating property” is not further broken down to the classifications of “operating tangible property” and “operating intangible property.” Although “franchise” is not a defined statutory term, Kentucky cases interpreting Kentucky Statutes (KS) 4077 and 4079,…”
Cooksey Bros. Disposal Co. v. Boyd Cnty., 973 S.W.2d 64 (Ky. Ct. App. 1997).
“KRS 136.160(1). Although KRS 136.115(2) deems payment of taxes on operating property to be payment of taxes on the franchise, Cooksey has not shown that Boyd County did, in fact, tax the value of a franchise under KRS 136.”
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