143A.035 Credit against tax imposed on severed or processed limestone.
145 words·~1 min read·
/ky/chapter-143a/143a-035A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)A credit is hereby allowed against the tax imposed by this chapter on the gross
value of limestone which is severed or processed within this state and sold to a
purchaser outside of this state.
(2)The credit allowed in subsection
(1)of this section shall be equal to the tax imposed
by this chapter on the gross value of a similar quantity of severed or processed
limestone valued as of the day the sale is made to a purchaser outside of this state.
(3)The credit allowed in this section shall extend only to a taxpayer who severs or
processes limestone through the rip-rap construction aggregate or agricultural
limestone stages, and who sells in interstate commerce not less than sixty percent
(60%) of such stone. The credit shall not be allowed to a taxpayer who processes
the limestone beyond the agricultural limestone stage.