Skip to main content
Find a Lawyer

Kentucky Revised Statutes Title XIV. Libraries and Archives § 171.3963.Tax credit for major certified rehabilitation of historic structure

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

(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.

(3)(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.

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 § 171.3963.Tax credit for major certified rehabilitation of historic structure - last updated January 01, 2025 | https://codes.findlaw.com/ky/title-xiv-libraries-and-archives/ky-rev-st-sect-171-3963/

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