141.395 Tax credit for construction of research facilities. (1) As used in this section: (a) "Construction of research facilities" means constructing, remodeling, and equipping facilities in this state or expanding existing facilities in this state for <br>qualified research and includes only tangible, depreciable property, and does <br>not include any amounts paid or incurred for replacement property; and (b) "Qualified research" means qualified research as defined in Section 41 of the Internal Revenue Code. (2) A nonrefundable credit in the amount determined in subsection (3) of this section is permitted against the tax assessed by both KRS 141.020 or 141.040 and 141.0401, <br>with the ordering of credits as provided in KRS 141.0205, for the construction of <br>research facilities. Any unused credit may be carried forward ten (10) years. (3) The credit allowed in subsection (2) of this section shall equal five percent (5%) of the qualified costs of construction of research facilities. Effective: June 28, 2006 <br>History: Amended 2006 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 22, effective June 28, 2006. -- Created 2002 Ky. Acts ch. 230, sec. 5, effective July 15, 2002. Legislative Research Commission Note (6/28/2006). 2006 (1st Extra Sess.) Ky. Acts ch. 2, sec. 73, provides that "unless a provision of this Act specifically applies to an <br>earlier tax year, the provisions of this Act shall apply to taxable years beginning on or <br>after January 1, 2007."
141.395 Tax credit for construction of research facilities. (1) As used in this section: (a) "Construction of research facilities" means constructing, remodeling, and equipping facilities in this state or expanding existing facilities in this state for <br>qualified research and includes only tangible, depreciable property, and does <br>not include any amounts paid or incurred for replacement property; and (b) "Qualified research" means qualified research as defined in Section 41 of the Internal Revenue Code. (2) A nonrefundable credit in the amount determined in subsection (3) of this section is permitted against the tax assessed by both KRS 141.020 or 141.040 and 141.0401, <br>with the ordering of credits as provided in KRS 141.0205, for the construction of <br>research facilities. Any unused credit may be carried forward ten (10) years. (3) The credit allowed in subsection (2) of this section shall equal five percent (5%) of the qualified costs of construction of research facilities. Effective: June 28, 2006 <br>History: Amended 2006 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 22, effective June 28, 2006. -- Created 2002 Ky. Acts ch. 230, sec. 5, effective July 15, 2002. Legislative Research Commission Note (6/28/2006). 2006 (1st Extra Sess.) Ky. Acts ch. 2, sec. 73, provides that "unless a provision of this Act specifically applies to an <br>earlier tax year, the provisions of this Act shall apply to taxable years beginning on or <br>after January 1, 2007."
141.395 Tax credit for construction of research facilities. (1) As used in this section: (a) "Construction of research facilities" means constructing, remodeling, and equipping facilities in this state or expanding existing facilities in this state for <br>qualified research and includes only tangible, depreciable property, and does <br>not include any amounts paid or incurred for replacement property; and (b) "Qualified research" means qualified research as defined in Section 41 of the Internal Revenue Code. (2) A nonrefundable credit in the amount determined in subsection (3) of this section is permitted against the tax assessed by both KRS 141.020 or 141.040 and 141.0401, <br>with the ordering of credits as provided in KRS 141.0205, for the construction of <br>research facilities. Any unused credit may be carried forward ten (10) years. (3) The credit allowed in subsection (2) of this section shall equal five percent (5%) of the qualified costs of construction of research facilities. Effective: June 28, 2006 <br>History: Amended 2006 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 22, effective June 28, 2006. -- Created 2002 Ky. Acts ch. 230, sec. 5, effective July 15, 2002. Legislative Research Commission Note (6/28/2006). 2006 (1st Extra Sess.) Ky. Acts ch. 2, sec. 73, provides that "unless a provision of this Act specifically applies to an <br>earlier tax year, the provisions of this Act shall apply to taxable years beginning on or <br>after January 1, 2007."
