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The Kentucky Department of Revenue is committed to helping you understand Kentucky income tax law changes, keeping you updated, and answering your questions. Links to the Income Tax Fre quently Asked Questions (FAQs) may be found at right.
The Tax Cuts and Jobs Act increased the federal limitation threshold for cash contributions and Kentucky adopted that provision. For most gifts by cash or check, the total amount of such contributions that can be deducted is now limited to 60% of your Kentucky adjusted gross income, instead of 50%.
No, contractors are making improvements or repairs to real property, and improvements or repairs to real property are not services that are subject to sales tax. However, contractors will still pay sales and use tax on their purchases of tangible personal property (i.e., materials) to complete their construction contracts.
Sales Tax. The 2022 Kentucky le gislation in House Bill 8 and 2023 legislation in House Bill 360 make substantial changes to how various services are taxed within the state. In the area of sales and use tax, more than thirty (30) additional service categories became subject to tax.
Also, receipts from a customer for a continuous stay of 30 days or more are excluded from the transient room tax. The new statewide transient room tax language is available at KRS 142.400. The new local transient room tax language is available at KRS 91A.390, KRS 91A.392, KRS 153.440, and KRS 153.450.
Individual Income Tax FAQs; Fiduciary Tax FAQs; Sales and Excise Taxes . 2022-23 Changes to Sales Tax on Services; 2018-19 Changes to Sales Tax on Services; Do I Need to Register for a Sales and Use Tax Account; Cosmetic Surgery Procedures; Employer Recruitment Services; Lobbying Services; Marketing Services; Massage Services; Motor Vehicle ...
The liability for the sales tax associated with the purchase of the property or services is on the contractor as the consumer. Therefore, contractors may not claim a resale exemption on the purchase of taxable landscaping services performed on their construction projects because they are not reselling the landscaping services.
Yes, in addition to filing the sales and use tax return, retailers reporting sales of recreational vehicles must complete and submit the Motor Vehicle Sales Tax Supplementary Schedule, Form 51A135. This supplementary filing is the same process used by dealers selling motor vehicles to non-residents from non-reciprocal states used previously.
The law change to remove the deduction from individual income tax affects health insurance premiums paid with after-tax dollars. When should employers implement the new flat 5% rate for withholding? The 5% tax rate is effective January 1, 2018 and thereafter; therefore, implementing the new withholding formula as soon as possible will ensure ...
In transactions where the lessee by contract subleases, subrents, or otherwise sells the space to exhibitors or others that use the space in association with the event conducted under the primary lease, receipts from the subsequent lease, rental, or sale of the space are not subject to sales and use tax provided the tax is paid on the initial rental of the space by the primary lessee to the ...