Occupational License Fees
The occupational fees in Hancock County, Kentucky, are a major source of tax support for the county government. The license fees are necessary to provide the better things for Hancock County.
Who Must Pay
- Every person or business (including a self-employed
individual, sole proprietorship, partnership, corporation,
association or other entity) which has any activity within
Hancock County, Kentucky, is required to pay occupational fees
on the net profits of its business operation or enterprise with
the exception of: (1) No person or company employing more than
100 persons in the county in the manufacturing process for gain
or profit shall be required to pay a license fee on net profits.
(2) No person or company that pays a franchise tax to the county
shall be required to pay a license fee on net profits. No
license tax shall be imposed upon or collected from any person,
firm or corporation where the county is prohibited by law from
imposing a license tax.
- Every employee who works in this taxing jurisdiction is subject to occupational fees on his gross earnings. Employers are required to withhold the occupational fees each payday and remit quarterly to the Hancock County Administrator.
- Advance Registration Fee - Every business or
enterprise must register to pay occupational fees by filling out
a Questionnaire obtainable from Hancock County Administrator.
- Annual Net Profits Return - At the end of each
calendar (or fiscal) year, businesses or enterprises are
required to file Form Bus. # 1, reporting net profits subject to
the occupational fees. The tax rate on business or enterprise
profits earned in Hancock County is presently 1.25% (effective
July 1, 1996).
- Employee Withholding - Every employer who has employees working in this taxing jurisdiction must withhold the appropriate occupational fees each payday and remit these amounts quarterly on forms which will be provided by the Administrator. At the end of each calendar year, employers will be required to submit the name, address, social security number, gross wages and amount of occupational fees withheld on each employee. The tax rate on amounts earned in Hancock County, Kentucky is 1.25% of the gross wage on all employees.
Any questions or further information concerning the occupational fees in Hancock County should be directed to the attention of the Hancock County Administrator (270) 927-8788.