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CORPORATION NET INCOME TAX A Limited Liability Entity Tax (LLET) applies to both C corporations and Limited Liability Pass-Through Entities (LLPTEs) and is not an alternative to another tax. However, corporations paying the LLET are allowed to apply that amount as a credit towards its regular corporate income tax.

This automatic extension request must be filed with the Department of Revenue by the original due date of the return along with any payment due of the estimated tax liability for the year. To access form 740-EXT, from the main menu of the Kentucky return, select Extension.

They may also be obtained by writing FORMS, Department of Revenue, P. O. Box 518, Frankfort, KY 40602-0518, or by calling (502) 564 3658.

Like S corporations, standard LLCs are pass-through entities and are not required to pay federal income tax. However, in Kentucky, LLCs are required to pay the LLET. The LLET aside, income from the LLC is distributed to individual members, who then pay federal and state taxes on the amount distributed to them.

All income tax and limited liability entity tax (LLET) forms are available at www.revenue.ky.gov (click on Tax Forms) or by calling (502) 564-3658.

If the Kentucky Corporation/LLET Account Number is not known, contact Registration at (502) 564 3306.

In addition, H.B. 366 specifically decouples from 100-percent federal bonus depreciation and the $1 million and $2 million investment phase-out limits for the IRC section 179 deduction. ... The legislation also eliminates certain other tax deductions.

CORPORATION NET INCOME TAX A Limited Liability Entity Tax (LLET) applies to both C corporations and Limited Liability Pass-Through Entities (LLPTEs) and is not an alternative to another tax. However, corporations paying the LLET are allowed to apply that amount as a credit towards its regular corporate income tax.

A corporation or limited liability pass-through entity granted an extension of time for filing a federal income tax return will be granted the same extension of time for filing a Kentucky income and LLET return for the same taxable year provided a copy of the federal Form 7004 is attached to the Kentucky income and ...

Kentucky has a limited liability entity tax (LLET) and a corporation income tax. ... The tax is based on a business's annual gross receipts. For businesses with gross receipts less than $3 million, there is a minimum LLET of $175.