Ky. Rev. Stat. § 136.300

Rate and payment of tax -- Exemption from other taxes -- Charging

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against dividends. (1) By July 1 succeeding the filing of the report provided for in KRS 136.290, each financial institution included in subsection (1) of KRS 136.290 shall pay directly into the State Treasury a tax of one dollar ($1) for each one thousand dollars ($1,000) paid in on its capital stock as fixed in KRS 136.290. The individual shareholders shall not be required to list their shares for taxation for any purpose. Any financial institution included in subsection (1) of KRS 136.290 shall not be required to pay local taxes upon its capital stock, surplus, undivided profits, notes, mortgages, or other credits, and the tax provided by this section shall be in lieu of all taxes for state purposes on intangible property of the institution. Failure to make reports and pay taxes as provided in this section and in KRS 136.290 shall subject the institution to the same penalties imposed for such failure on the part of the other corporations. (2) If a financial institution included in subsection (1) of KRS 136.290 so elects, it may deduct the taxes imposed in subsection (1) of this section from the dividends paid or credited to a nonborrowing shareholder. Effective: July 13, 1990 History: Amended 1990 Ky. Acts ch. 262, sec. 2, effective July 13, 1990. -- Amended 1972 Ky. Acts ch. 121, sec. 3. -- Amended 1970 Ky. Acts ch. 14, sec. 3. -- Amended 1966 Ky. Acts ch. 255, sec. 131. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 4019a-7, 4019a-8.

Notes of Decisions

Cited in 3 cases, 1962–2012 · leading case: Dayton Power & Light Co. v. Department of Revenue, Finance & Administration Cabinet

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Dayton Power & Light Co. v. Department of Revenue, Finance & Administration Cabinet (2012) kyctapp “200, KRS 136.300, and KRS 136.320. None of the excepted statutes is related to PSC’s or to franchise.”

Marcum v. Kentucky Enterprise Federal Savings & Loan Ass'n of Newport (1962) kyctapp · cites it 2× “required to list their shares, KRS 136.300(1), clearly the tax in question is in lieu of a direct levy against the members, from which it is argued that if the corporation should "elect” not to pay under KRS 136.”

Department of Revenue v. Cumberland Production Credit Ass'n (1977) kyctapp · cites it 3× “Cumberland Production Credit Association claims to be exempt from this tax under the provisions of KRS 136.300 which provides as follows: (1) By July 1, succeeding the filing of the report provided for in KRS 136.”

— Ky. Rev. Stat. § 136.300(1) — 2 cases

Marcum v. Kentucky Enterprise Federal Savings & Loan Ass'n of Newport (1962) kyctapp “required to list their shares, KRS 136.300(1), clearly the tax in question is in lieu of a direct levy against the members, from which it is argued that if the corporation should "elect” not to pay under KRS 136.”

Department of Revenue v. Cumberland Production Credit Ass'n (1977) kyctapp “Cumberland Production Credit Association claims to be exempt from this tax under the provisions of KRS 136.300 which provides as follows: (1) By July 1, succeeding the filing of the report provided for in KRS 136.”

— Ky. Rev. Stat. § 136.300(2) — 1 case

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