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Taxes

A tax is a charge or levy of money made by a governmental entity (state, local, or federal) against a taxpayer—usually a U.S. citizen or a person living or working in the United States. There are many kinds of taxes, including income tax, capital-gains tax, property tax, franchise tax, gift tax, ad valorem tax, sales tax, use tax, inheritance tax, and estate tax.

In Kentucky, as in all states, residents and businesses are subject to a variety of taxes imposed by state and local governments, as well as the federal government. Kentucky imposes a state income tax, with rates that vary depending on the taxpayer's income level. The state also levies a sales tax on the purchase of most goods and some services, and a use tax on goods purchased out-of-state for use in Kentucky. Property taxes are assessed by local governments (counties, cities, and school districts) on real estate and personal property. Kentucky does not have an inheritance tax, but it does have an estate tax that is linked to the federal estate tax; however, due to changes in federal law, Kentucky's estate tax is effectively not applicable for most estates. Additionally, businesses may be subject to franchise and ad valorem taxes, which are taxes on the value of certain types of property. It's important for taxpayers in Kentucky to understand their obligations for these various taxes and to comply with all filing and payment requirements.

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Taxes

As a LegalFix Member You Will Be an Important Client of Local Law Firms

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Kentucky State Code

Taxes

Kentucky State Code

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