Kentucky farmers can now apply for new agriculture exemption number – Ohio County Monitor

npressfetimg-841.png

FRANKFORT, Ky. — The Kentucky Division of Income is now accepting softwares from eligible farmers For mannequin spanking new agriculture exemption quantitys designed To shield the gross sales and use tax exclusions Out there to the agricultural group.

Whereas the statutory provisions for agriculture gross sales and use tax exemptions Have not modified, The mannequin new tax ID quantity requirement will guarantee solely People Who’ve pre-licensed with DOR are In a place To say these exemptions.

Beneath the provisions of SB 148, enacted by the 2020 Widespread Meeting and signed into regulation by Gov. Andy Beshear March 27, 2020, all eligible farmers exempt from gross sales and use tax for The acquisition of sure gadgets should apply for and use their new agriculture exemption quantity when clpurposeing relevant tax exemptions under KRS 139.481.

“Our Division of Income staff have labored intently with each the farming and retail communities Inside The event of a straightforward course of to qualify for the exemption quantity,” DOR Commissioner Thomas B. Miller said. “This software course of and issuance of an agriculture exemption quantity will enhance general compliance with state tax codes while minimizing clpurposes by events ineligible for the exemptions. An upcoming launch of A mannequin new searchable knowledgebase Can additionally make this course of clear and useful For every the sellers and the consumers.”

The equipment for the Agriculture Exemption Number, Type 51A800, Is out there at www.revenue.ky.gov under Sales Tax types. Accomplished softwares Ought to be submitted by e-mail to [e-mail shielded] or mailed to DOR’s Division of Sales and Use Tax, Station 66, P.O. Area 181, Frankfort, KY 40602-0181.

Candidates should confirm their engagement in The Sort of farming eligible for gross sales and use tax exemptions embraced in KRS Chapter 139. These exclusions embrace sure gadgets purchased for The purpose of elevating livestock as meals for human consumption or producing crops. To expedite the software course of, DOR advises applicants To current the IRS Schedule F, Revenue or Loss from Farming form, if potential.

The deadline To use for The mannequin new agriculture exemption quantity for current farmers is January 1, 2022. The agriculture exemption quantity is legitimate For 3 years from the date issued by DOR.

Contact the Division of Sales and Use Tax with questions at (502) 564-5170 or [e-mail shielded].

Assist Our Journalism

Please think about subscribing right now and support our work Regionally. In case You are already a subscriber, Thanks very a lot. Subscribers get entry to our Daily e-mail publication Of every headline and obituary from the final 24 hours As properly as to entry to OC Healthful, our new group broad initiative To help Ohio County get extra healthy.

Like this:

Like Loading…

npressfetimg-168.png
agriculture

Just Askin’ | Area crop update | Agriculture | news-gazette.com – News-Gazette

What’s been the influence of The briefage

of rainfall on space crops?

Champaign cro…….

Read More
npressfetimg-169.png
agriculture

Energy, agriculture high on Caricom agenda in Suriname – TT Newsday

Information

Clint Chan Tack

4 Hrs In the past

Prime Minister Dr Keith R…….

Read More
npressfetimg-165.png
agriculture

NCTA hosts agriculture educator boot camp | Lifestyle | nptelegraph.com – North Platte Telegraph

CURTIS — Teachers are lifelong learners, typically proper alongside their scholars. Agricultura…….

Read More