141.017 Deductions allowed by this chapter limited to amounts directly or indirectly subject to taxation under this chapter -- No item to be deducted more than once.

KY Rev Stat § 141.017 (2019) (N/A)

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141.017 Deductions allowed by this chapter limited to amounts directly or indirectly subject to taxation under this chapter -- No item to be deducted more than once. (1) (a) All deductions allowed by this chapter shall be limited to amounts directly or indirectly allocable to income subject to taxation under the provisions of this chapter. (b) Any deduction directly or indirectly allocable to income which is either exempt from taxation or otherwise not taxed under this chapter shall not be allowed. (2) Nothing in this chapter shall be construed to permit the same item to be deducted more than once. Effective: April 27, 2018 History: Created 2018 Ky. Acts ch. 171, sec. 54, effective April 14, 2018; and ch. 207, sec. 54, effective April 27, 2018. Legislative Research Commission Note (4/27/2018). This statute was created by 2018 Ky. Acts ch. 171, sec. 54 and ch. 207, sec. 54, which are identical and have been codified together. Legislative Research Commission Note (4/27/2018). Pursuant to 2018 Ky. Acts ch. 207, sec. 153, the provisions created for this statute in that Act apply to taxable years beginning on or after January 1, 2018.

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141.018 Department's authority to interpret and carry out provisions of certain income tax changes made by the 2005 Regular Session and 2006 First Extraordinary Session of the General Assembly -- Authority to promulgate administrative regulations to explain or implement changes.