Kentucky HB640 amends tax laws to allow the Department of Revenue to grant extensions for filing tax reports or returns.
Kentucky HB640 modifies the state's tax code to give the Department of Revenue the authority to grant extensions for filing tax reports or returns when good cause exists. The bill specifies that such extensions cannot exceed six months, except for taxpayers abroad, and may not extend beyond one year. If an extension results in a postponed tax payment, interest will be collected at the tax interest rate. The department can also condition extensions on a bond sufficient to cover any tax and penalties due.
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