The amendment narrowed the sales tax exemption to only apply to utilities purchased and declared by the resident as used in their place of domicile. This establishes that individuals may be exempt from paying sales tax for the utilities of only one primary residence.
Individuals owning their primary residence can apply for the resident exemption by submitting one Form 51A380: Declaration of Domicile for Purchase of Residential Utilities.
Business Tax Credit Program - Kentucky Small Business Tax Credit title=The Kentucky Small Business Tax Credit Program style=width:100%;text-align:center; onerror=this.onerror=null;this.src='https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcSKimi8Aj1xZ5kKjvn15q6QckAvFbOEHgG0cpIqK4BUCKJ5h5Abldt57uk25mIYkUnyTA&usqp=CAU'; />
Individuals renting a home as a primary residence may still be eligible for the residential exemption. For the rental home to qualify for the resident exemption, the renters who primarily reside in the home must complete Form 51A380.
Shop Exchange: Small Business Health Options Program
This form should be submitted directly to the utility provider(s). In this scenario, the rental home exemption status will not be affected if the rental owner also qualified for a resident exemption on their separate primary residence.
This form does not expire once submitted. Additionally, accounts classified as residential will not default to nonresidential status if Form 51A380 is not submitted.
Thus, this legislation is not intended to require every residential utility customer to complete the form to be eligible for the resident exemption.
Best Business To Start In Kentucky
Property owners holding one account that serves multiple residential units can apply for the residential exemption by submitting Form 51A381: Multi-Unit Declaration of Domicile for Landlords or Other Accountholders of Multi-Unit Dwellings Served by a Single Meter (Master Meter).
The resident exemption is not applicable to meters used solely for common areas or nonresidential units. Therefore, no form needs to be submitted for those meters.
Form 51A381 must be submitted to the applicable utility provider with one Form 51A380 per dwelling unit. Landlords should collect and submit Form 51A380 from their renters.
Federal Tax Deadlines For Your Small Business
Form 51A380 must be completed by one resident per dwelling unit and landlords may not complete the form on a resident’s behalf. Additionally, Multi-Unit Declarations that do not include Declarations of Domicile from all dwelling units served are not eligible for the resident exemption.
The Kentucky Department of Revenue website states that there will be no refunds issued for the period beginning January 1, 2023, through the date of residential exemption form submission.
Therefore, any primary residence classified as nonresidential should be altered by submitting the applicable forms before January 1, 2023. Some utility providers may offer the ability to submit the exemption form directly through their website.
Beshear Encourages Applications For Small Business Tax Credit
By Nancy Orben, CPA, Senior Manager, Laura Philpot, Senior Accountant, Business Services, and Lisa Totten, Senior Accounting Specialist at Blue & Co. Attention all not-for-profit organizations! Are you currently using QuickBooks Point of Sale in your gift shops, ticket sales, or day-to-day business? If so, you may have heard the recent news that Intuit will […]
In the past several years, hospitals have continued to feel the impact of increased utilization of contract nursing and other contract services. Although these services have developed into a major expense line item, it is important for hospitals understand how expenses related to contracted services can impact the wage index factor for Medicare reimbursement. Contract […]
Trusted Insights from The National Bank of Indianapolis Nonprofit Services Team Not-for-profit organizations are increasingly falling victim to fraud, with a rising number of incidents and an ever-growing amount of money being lost. Fraudsters find it easy to target not-for-profits, as their publicly available 990s provide valuable information. Protecting your organization from such fraudulent activities […]
Investing In Innovation Webinar
In the past several years, hospitals have continued to feel the impact of increased utilization of contract nursing and other contract services. Although these services have developed into a major expense line item, it is important for hospitals understand how expenses related to contracted services can impact the wage index factor for Medicare reimbursement. Read the full article to learn how contract services can impact your wage index survey: hubs.la/Q01JmwcB0 #wageindexsurvey #healthcarereimburesement ... See More See Less
Rising interest rates and historic inflation are impacting hospital purchasing decisions. Using capital efficiency concepts in making hospital purchasing plans is as important as ever. Read the article below to learn about how your healthcare organization can optimize financial performance using capital efficiency concepts. hubs.la/Q01HdK6D0 ... See More See Less
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By using this website, you agree to our use of cookies as outlined in our privacy policy.Cookie settingsACCEPT
How To Apply For Business Licenses And Permits In Kentucky
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Kentucky Small Business Health Insurance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
0 comments
Post a Comment