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Kentucky Revised Statutes Title XI. Revenue and Taxation § 139.536.Tourism attraction project credit against sales tax

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) As used in this section:

(a) “Agreement” means the same as defined in KRS 148.851;

(b) “Approved company” means the same as defined in KRS 148.851;

(c) “Approved costs” means the same as defined in KRS 148.851;

(d) “Authority” means the same as defined in KRS 148.851;

(e) “Cabinet” means the same as defined in KRS 148.851;

(f) “Secretary” means the secretary of the Tourism, Arts and Heritage Cabinet; and

(g) “Tourism development project” means the same as defined in KRS 148.851.

(2)(a) In consideration of the execution of the agreement and notwithstanding any provision of KRS 139.770 to the contrary, the approved company excluding its lessees, may be granted a sales tax incentive based on the Kentucky sales tax imposed by KRS 139.200 on the sales generated by or arising at the tourism development project as provided in KRS 148.853.

(b) The approved company shall have no obligation to refund or otherwise return any amount of this sales tax refund to the persons from whom the sales tax was collected.

(3) The authority shall notify the department upon approval of a tourism development project. The notification shall include the name of the approved company, the name of the tourism development project, the date on which the approved company is eligible to receive incentives under this section, the term of the agreement, the estimated approved costs, and the specified percentage of the approved costs that the approved company is eligible to receive and any other information that the department may require.

(4) The sales tax incentive shall be reduced by the amount of vendor compensation allowed under KRS 139.570.

(5) The approved company seeking the incentives shall execute information-sharing agreements prescribed by the department with its lessees and other related parties to verify the amount of sales tax eligible for the sales tax refund under this section.

(6) By October 1 of each year, the department shall certify to the authority and the secretary the sales tax liability of the approved companies receiving incentives under this section and KRS 148.851 to 148.860, and their lessees, and the amount of the sales tax refunds issued pursuant to this section for the preceding fiscal year.

(7) Interest shall not be allowed or paid on any refund made under the provisions of this section.

(8) The department may promulgate administrative regulations and require the filing of forms designed by the department to reflect the intent of this section and KRS 148.851 to 148.860.

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Cite this article: FindLaw.com - Kentucky Revised Statutes Title XI. Revenue and Taxation § 139.536.Tourism attraction project credit against sales tax - last updated January 01, 2025 | https://codes.findlaw.com/ky/title-xi-revenue-and-taxation/ky-rev-st-sect-139-536/

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