Frankfort, Ky (03/31/2023) - The Kentucky General Assembly passed HB 5 creating a new Section of KRS Chapter 141 to allow for an authorized person to elect on behalf of a pass-through entity to file and pay income tax at the entity level. The department is developing a new Form 740-PTET to allow for the election, filing of the return, and payment of the tax. For tax year 2022, the election may be made after March 31, 2023, but shall be made before August 31, 2024, using Form 740-PTET. Once the election is made for a taxable year, the election is irrevocable and binding upon all entity owners. Updates on the status of the new form will be posted on this website as soon as they are available.