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​Tax Administration

Protest Time Period Changes
For notices of tax due and refund denials issued on or after July 1, 2018, the time to file a protest increased from 45 to 60 days. This 60-day protest period applies to tangible personal property tax bills. This change does not apply to protests of real property tax assessments.

Disclosure Changes
Department of Revenue personnel are protected from criminal and civil liabilities when information is released due to a court order.  Taxpayer documents are not subject to open records requests. 

​Property Tax

Tangible Personal Property Tax
Effective January 1, 2020, tangible personal property tax returns are not required to be filed if a taxpayer's tangible personal property has a fair cash value of $1,000 or less.  However, taxpayers must still keep records of property owned.

Heavy Equipment Rental Inventory

Effective January 1, 2020, heavy equipment rental inventory changes allow "qualified heavy equipment" to be taxed at a reduced state rate.  This only applies to businesses with NAICS Codes 532310 or 532412.  Ad valorem taxes paid on heavy equipment rental inventory is eligible to be included in the inventory tax credit. For a description of what qualified heavy equipment is see KRS 132.010(30).

​Additional Tax Changes

Bank Franchise Tax
Beginning January 1, 2021, the bank franchise tax will no longer apply to financial institutions. In its place, banks will be taxed similarly to other corporations in Kentucky. The corporation and limited liability entity tax will be applied to banks beginning in 2021.