Get Georgetown Net Profit License Tax Return

Kentucky has a flat income tax rate of 5% on net income. Scott County and the city of Georgetown each levy a 1.0% local occupational tax on salaries/wages and on business net profits.

Yes, you must file a Kentucky part-year resident return known as a 740-NP and report all income earned while in Kentucky, as well as any other income from Kentucky sources.

The maximum amount of Net Profit per licensee to which this fee applies is $500,000, creating a maximum liabilty of $2,500 per year. In addition, if the Net Profit for a single licensee is less than $2,500 for one (1) year, no license fee will be due for that year.

For tax periods prior to January 1, 2023, the tax is 1.49% of the gross compensation paid. Beginning January 1, 2023, the tax is 1.65% of the gross compensation paid. Forms and instructions are available at the Occupational Tax Office or may be downloaded below.

An Annual Net Profit License Fee is levied on all persons, fiduciaries, corporations, and associations engaged in the occupation, trade, profession or other business earned for work performed within the city. The rate is equal to the greater of 1.95% of the net profit or $60.

What is the sales tax rate in Hopkins County? The minimum combined 2023 sales tax rate for Hopkins County, Kentucky is 6%. This is the total of state and county sales tax rates.