Get Mayfield 2017 Net Profit License Fee

What is a net profits license fee return? 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.

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 Net Profits License Fee tax rate is 1%. This tax is levied and imposed on the earnings of a person, association, corporation or other entity engaged in any occupation, trade, profession or other activity conducted or performed in the unincorporated area of Shelby County.

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.

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.

The City of Mayfield Net Profit License Fee is levied at the annual rate of 2% the first $50,000.00, plus 1% of $50,000 thru $500,000 and ½ % over $500,000 with a minimum of $100.00 of the net profits of all occupations, trades, professions or other businesses engaged in said activities in the City.

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.