171.3961 Credit against individual, corporate, and limited liability tax for certified

294 words·~1 min read·/ky/171-3961

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

rehabilitation to a qualifying certified historic structure within jurisdiction of

consolidated local government or urban-county government.

(1)For taxable years beginning on or after January 1, 2014, a taxpayer completing a

certified rehabilitation to a certified historic structure shall be allowed a credit

against the taxes imposed by KRS 141.020 or 141.040 and 141.0401, with the

ordering of credits as provided in KRS 141.0205, or KRS 136.505 if:

(a)The certified historic structure is located within the jurisdiction of a

consolidated local government or urban-county government;

(b)The amount of qualified rehabilitation expenses exceeds fifteen million

dollars ($15,000,000);

(c)The certified historic structure is located within one-half (1/2) mile of a tax

increment financing development area which has received at least preliminary

approval under KRS 65.490 or 154.30-050; and

(d)Substantial rehabilitation of the certified historic structure begins prior to July

1, 2015.

(a)The credit shall:

1. Equal the percentage of qualified rehabilitation expenses as provided in

KRS 171.397(1)(a);

2. Only apply to the first thirty million dollars ($30,000,000) of qualified

rehabilitation expenses; and

3. Be refundable and transferable.

(b)Any projects approved for a credit under this section shall not be subject to

any caps established by KRS 171.397 and shall not be considered in

determining whether the certified rehabilitation credit cap has been met in any

year.

(3)The taxpayer seeking the credit shall file the applications for preliminary

determination and final determination as provided by KRS 171.397(2).

(4)The total approved credit shall be available over a four

(4)year period and the

maximum credit which may be claimed in a taxable year shall not exceed twenty-

five percent (25%) of the total approved credit.

(5)The provisions of KRS 171.397(9) to

(14)shall also apply to this section.