Kentucky Administrative Regulations › Title 103 - FINANCE AND ADMINISTRATION CABINET - DEPARTMENT OF REVENUE › Chapter 18 - Income Tax; Withholding › Section 103 KAR 18:180 - Kentucky economic development acts wage assessment

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				141.347,
				141.400,
				141.401,
				141.402,
				141.403,
				141.407,
				141.415,
				154.22-010,
				154.22-070,
				154.23-010,
				154.23-055,
				154.24-010,
				154.24-110,
				154.25-010,
				154.25-040,
				154.26-010,
				154.26-100,
				154.28-010,
				154.28-110,
				154.32-010,
				154.32-090
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				131.130(1) authorizes the
				Department of Revenue to promulgate administrative regulations to administer
				and enforce Kentucky's tax laws.
				KRS
				141.347(9),
				141.400(9),
				141.401(9),
				141.402(8),
				141.403(9),
				141.407(9),
				and
				141.415(9)
				authorize the department to promulgate administrative regulations to require
				the filing of forms necessary to comply with the Kentucky economic development
				acts contained in KRS 154.22, 154.23, 154.24, 154.25, 154.26, 154.28, and
				154.32,and the allowable income tax credit that a company may retain under
				those statutes. This administrative regulation establishes the filing
				requirements for the wage assessments authorized by the subchap-ters of KRS
				Chapter 154 referenced above.
Section
			 1. Definitions.
(1) "Annual
			 Report" means Form 42A900, Wage Assessment Annual Report for Economic
			 Development Credits, as prescribed by the department at
https://revenue.ky.gov
.
(2) "Department" means the Kentucky
			 Department of Revenue.
(3) "Gross
			 wages" means any payment an employer gives an employee for services performed
			 before any deductions permitted by federal or Kentucky law to yield "Taxable
			 wages."
(4) "KBI" means the
			 Kentucky Business Investment Program Act, which is codified as
			 KRS
			 154.32-010 to
			 154.32-100
			 and referenced in
			 KRS
			 141.415.
(5) "KEOZ" means the Kentucky Economic
			 Opportunity Zone Act, which is codified as
			 KRS
			 154.23-005 to
			 154.23-080
			 and referenced in
			 KRS
			 141.401.
(6) "KIDA" means the Kentucky Industrial
			 Development Act, which is codified as
			 KRS
			 154.28-010 to
			 154.28-140
			 and referenced in
			 KRS
			 141.400.
(7) "KIRA" means the Kentucky Industrial
			 Revitalization Act, which is codified as
			 KRS
			 154.26-010 to
			 154.26-125
			 and referenced in
			 KRS
			 141.403.
(8) "KJDA" means the Kentucky Jobs
			 Development Act, which is codified as
			 KRS
			 154.24-010 to
			 154.24-160 and
			 referenced in
			 KRS
			 141.407.
(9) "KJRA" means the Kentucky Jobs Retention
			 Act, which is codified as
			 KRS
			 154.25-010 to
			 154.25-050
			 and referenced in
			 KRS
			 141.402.
(10) "KREDA" means the Kentucky Rural
			 Economic Development Act, which is codified as
			 KRS
			 154.22-010 to
			 154.22-102
			 and referenced in
			 KRS
			 141.347.
(11) "Taxable wages" means any payment an
			 employer gives an employee for services performed as reported in box 1 of
			 Internal Revenue Service Form W-2, Wage and Tax Statement.