Bill > HB451

This bill amends Kentucky Revised Statutes (KRS) 141.0401 to exempt certain entities from paying the limited liability entity tax (LLET) starting with taxable years on or after January 1, 2027. Specifically, corporations and limited liability pass-through entities (which are business structures that pass profits and losses through to their owners, avoiding corporate income tax) doing business in Kentucky will be exempt from the LLET if their Kentucky gross receipts, which represent income earned within Kentucky, are less than $100,000. The LLET is an annual tax levied on businesses operating in Kentucky, and this change provides a tax relief measure for smaller businesses based on their in-state revenue.

Budget and Finance

https://apps.legislature.ky.gov/record/26RS/hb451.html