Kentucky Revised Statutes Title XI. Revenue and Taxation § 132.140.Assessment of distilled spirits by department; maximum tax rate on distilled spirits in barrels located in bonded warehouse or premises; failure to report

(2) (a) For purposes of this subsection only:

(b) Notwithstanding subsection (3) of this section, the state and local tax rate that may be levied on distilled spirits for a taxpayer of a premises shall be the state and local tax rate for tax assessments made on January 1, 2023.

(c) Distilled spirits stored or aging in barrels located in a bonded warehouse or premises shall be exempt from state and local ad valorem taxes for tax assessments made on or after January 1, 2043.

(a) Ninety-six percent (96%) of the otherwise applicable tax rate for tax assessments made on January 1, 2026;

(b) Ninety-two percent (92%) of the otherwise applicable tax rate for tax assessments made on January 1, 2027;

(c) Eighty-eight percent (88%) of the otherwise applicable tax rate for tax assessments made on January 1, 2028;

(d) Eighty-four percent (84%) of the otherwise applicable tax rate for tax assessments made on January 1, 2029;

(e) Eighty percent (80%) of the otherwise applicable tax rate for tax assessments made on January 1, 2030;

(f) Seventy-six percent (76%) of the otherwise applicable tax rate for tax assessments made on January 1, 2031;

(g) Seventy-two percent (72%) of the otherwise applicable tax rate for tax assessments made on January 1, 2032;

(h) Sixty-eight percent (68%) of the otherwise applicable tax rate for tax assessments made on January 1, 2033;

(i) Sixty-one percent (61%) of the otherwise applicable tax rate for tax assessments made on January 1, 2034;

(j) Fifty-four percent (54%) of the otherwise applicable tax rate for tax assessments made on January 1, 2035;

(k) Forty-four percent (44%) of the otherwise applicable tax rate for tax assessments made on January 1, 2036;

(l) Thirty-eight percent (38%) of the otherwise applicable tax rate for tax assessments made on January 1, 2037;

(m) Thirty-two percent (32%) of the otherwise applicable tax rate for tax assessments made on January 1, 2038;

(n) Twenty-four percent (24%) of the otherwise applicable tax rate for tax assessments made on January 1, 2039;

(o) Twenty percent (20%) of the otherwise applicable tax rate for tax assessments made on January 1, 2040;

(p) Fifteen percent (15%) of the otherwise applicable tax rate for tax assessments made on January 1, 2041; and

(q) Eight percent (8%) of the otherwise applicable tax rate for tax assessments made on January 1, 2042.