Kentucky Property Package Program With Arguments
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FAQ
On the other hand, Kentucky does offer vendor compensation. The discount is 1.75% of the first $1,000 of one's tax liability. After the first $1,000, the discount percentage is lowered to 1.5% of the remaining tax liability.
PURPOSE OF THE INSTRUCTIONS These instructions have been designed for pass-through entities: S-corporations, partnerships, and general partnerships , which are required by law to file a Kentucky income tax and LLET return. Form PTE is complementary to the federal forms 1120S and 1065.
Form KBR-V?This voucher is required when submitting a paper check for payment of Corporation Income and Limited Liability Entity tax due on electronic and paper filed returns.
Form 740-PTET is used to make the election, file the return, and pay the income tax due at the entity-level. Form PTET-CR is used to report the tax paid on each owner's behalf to each owner of the PTE. Additional guidance on the tax and credit is expected.
Vendor's compensation is calculated at 2% of the state tax due from Lines 8, 9, and 12, not to exceed $25. Vendor's compensation does not apply to the local sales tax. Failure to timely file or timely pay the total tax due on the return will result in the loss of the vendor's compensation deduction.