2009 Kentucky Revised Statutes CHAPTER 247 PROMOTION OF AGRICULTURE AND HORTICULTURE 247.968 Corporation exempt from taxation -- Payment in lieu of taxes.
247.968 Corporation exempt from taxation -- Payment in lieu of taxes.
The corporation shall not be required to pay any taxes and assessments to the <br>Commonwealth or any county, municipality or other governmental subdivision of the <br>Commonwealth upon any of its property or upon its obligations or other evidences of <br>indebtedness pursuant to the provisions of KRS 247.940 to 247.978, or upon any moneys, <br>funds, revenues or other income held or received by the corporation and the bonds or <br>notes of the corporation and the income therefrom shall at all times be exempt from <br>taxation, except for death and gift taxes and taxes of transfers; provided, however, that <br>real or personal property owned by the corporation shall be exempt from all property <br>taxation and special assessments of the Commonwealth or its political subdivisions, but <br>the corporation shall pay, in lieu of such taxes, such amounts as would have been levied <br>had not said real or personal property been owned by the corporation.
Effective: April 11, 1984 <br>History: Created 1984 Ky. Acts ch. 374, sec. 15, effective April 11, 1984.
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