CCH Tax Day Report
The credit against Kentucky sales and use tax for certificated air carriers has been extended to those that contract with at least one certificated air carrier for the transportation of persons, property or mail. Such taxpayer is entitled to a credit against the sales and use tax paid on aircraft fuel during the fiscal year in excess of one million dollars. Each person qualifying for the credit is required to report and pay the tax on aircraft fuel directly to the department of revenue and file an annual reconciliation report by October 15 of the fiscal year following the fiscal year for which the credit is claimed.
H.B. 368, Laws 2017, effective ninety days after adjournment of legislative session