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Public Service Company Schedule of Owned and or Leased Motor - revenue ky

Public Service Company Schedule of Owned and or Leased Motor - revenue ky 2025

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The document is a memorandum from the Commonwealth of Kentucky Department of Revenue, outlining the requirements for public service companies to report their owned and/or leased motor vehicles with Kentucky situs as of January 1, 2005. It includes instructions for completing Form 61A211, which must be submitted by December 27, 2004, to ensure proper assessment and taxation of these vehicles. The memorandum emphasizes the importance of accurate reporting for property tax purposes and provides guidance on how to list vehicle details.

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Do I have to pay taxes on a car I dont have anymore in KY?

If you no longer have a vehicle that you used to own, to avoid having to pay FUTURE taxes on that vehicle you must surrender the title to the County Clerk.

Do you pay property tax on a leased car in KY?

The vehicles you report should have regular type registrations where property taxes are payable to the county clerk in the county where the vehicle is customarily kept. If leased vehicles are reported the public service company, as lessee, must be responsible for paying the motor vehicle property tax.

Do you pay personal property tax in KY?

All property in Kentucky, unless exempted by the Kentucky Constitution or statute, is subject to taxation. Tangible personal property is not exempted.

Does leasing a car go on your taxes?

leased car payments (can be a personal or a business lease) Say, your business use is 60 percent and you are making a monthly payment of $400 on it: you can write off $240 for every single lease payment (the same formula applies to the other car expenses in the above list -- gas, insurance, depreciation, etc.

Why do you have to pay sales tax on a lease?

Many jurisdictions charge sales tax for the rental or lease of tangible personal property. One key sales tax nexus-creating activity is owning property in a particular jurisdiction. Because the rental or leasing company maintains ownership of the item, they establish a physical presence when renting or leasing an item.

What is the sales tax on a leased vehicle in Kentucky?

Purchasing a Lease The lessee or buyer will be required to pay a 6% sales tax on the buy-out price of the leased vehicle, in addition to transfer and registration fees. The Kentucky Title will be mailed to the new owner within 4-6 weeks.

How to calculate Kentucky vehicle tax?

A 6% motor vehicle usage tax is levied upon the retail price of vehicles transferred in Kentucky. On used vehicles, the usage tax is 6% of the current average retail as listed in the NDA Used Car Guide or 6% of the total consideration paid.

Public Service Company Schedule of Owned and or Leased Motor - revenue ky 2025

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