KRS 132.040 — Financial institutions to report and pay tax -- Lien

Each financial institution, as defined in KRS 136.500, shall file with the department on or
before March 1 of each year, a report setting forth the total amount of its deposits as of
the preceding January 1 that are taxable in the name of the depositor und er the laws of
this state, and shall, on or before March 1 of each year, pay to the department one -
thousandth of one percent (.001%) of the amount of the deposits, and may charge to and
deduct from the deposit of each depositor the amount of the tax paid o n his behalf.
Financial institutions shall have liens on the funds belonging to the respective depositors
on which the tax has been paid. Any claim for taxes against the depositor by the financial
institution paying the taxes shall be asserted within six ( 6) months after the payment of
the taxes to the department, and no claims or liens shall be asserted after that time.