171.3963 Tax credit for major certified rehabilitation of historic structure.
348 words·~2 min read·
/ky/chapter-171/171-3963A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)Prior to December 31, 2021, the council may award one
(1)application for
preliminary approval of a major certified rehabilitation for a certified historic
structure, for a tax 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.
(2)The major certified rehabilitation shall contain the following characteristics:
(a)The certified historic structure was individually listed on the National Register
of Historic Places on or before December 31, 1981;
(b)The size of the certified historic structure exceeds three hundred thousand
(300,000) square feet;
(c)The total project costs exceed fifty million dollars ($50,000,000);
(d)Substantial rehabilitation of the certified historic structure begins prior to
December 31, 2021; and
(e)The application for preliminary approval reflects that following the substantial
rehabilitation, the certified historic structure will be used as a hotel, tourism
destination, or other use supporting or relating to the promotion of tourism to
and within the Commonwealth.
(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)The project approved for a credit under this section:
1. Shall not be subject to the maximum credits which may be claimed with
regard to owner-occupied residential property or other property that is
not owner-occupied residential property established by KRS 171.397;
but
2. Shall be considered in determining whether the certified rehabilitation
credit cap in KRS 171.396 has been met.
(4)Any taxpayer seeking the credit shall file the application for preliminary
determination and final determination as provided by KRS 171.397(2), without
regard to the April 20 and June 30 dates referenced in that section.
(5)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.
(6)The provisions of KRS 171.397(9) to
(14)shall also apply to this section.