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VOLUNTARY ENVIRONMENTAL REMEDIATION TAX CREDIT – KRS 141.418

 

 

  • Credit allowed for expenditures made at qualifying voluntary environmental remediation property through agreement with the Energy and Environment Cabinet.

 

  • A taxpayer shall submit receipts to the Energy and Environment Cabinet in proof of the expenditures claimed. The Energy and Environment Cabinet shall verify the receipts. After the receipts are verified, the Department of Revenue (DOR) shall notify the taxpayer of eligibility for the credit.

 

  • Credit is available in the year the taxpayer is notified of their eligibility by DOR.

 

  • Maximum credit per taxpayer is $150,000. An affiliated group of taxpayers filing a consolidated return under KRS 141.200 are treated as one taxpayer.

 

  • Credit is non-refundable.

 

  • Only 25% of maximum approved credit may be claimed per taxable year.

 

  • Credit may be carried forward for 10 successive taxable years.

 

  • The credit may be utilized against the tax imposed under KRS 141.020 or 141.040 for taxable years beginning after December 31, 2004, and against the tax imposed by KRS 141.0401 for taxable years beginning after December 31, 2006.

 

 

Use Form: Schedule VERB

The Kentucky Department of Revenue conducts work
under the authority of the Finance and Administration Cabinet.