Skip to main content
Find a Lawyer

Kentucky Revised Statutes Title XIV. Libraries and Archives § 171.3961.Credit against individual, corporate, and limited liability tax for certified rehabilitation to a qualifying certified historic structure within jurisdiction of consolidated local government or urban-county government

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

(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.

(2)(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.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Kentucky Revised Statutes Title XIV. Libraries and Archives § 171.3961.Credit against individual, corporate, and limited liability tax for certified rehabilitation to a qualifying certified historic structure within jurisdiction of consolidated local government or urban-county government - last updated January 01, 2025 | https://codes.findlaw.com/ky/title-xiv-libraries-and-archives/ky-rev-st-sect-171-3961/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard