2011 Kentucky Revised Statutes Subchapter 20 Financing of Development Generally 154.20.206 Authorization of sales and use tax refund for approved company -- Administrative regulations.
KY Rev Stat § 154.20.206 (1996 through Reg Sess) What's This?
154.20-206 Authorization of sales and use tax refund for approved company -Administrative regulations.
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Notwithstanding any provision of KRS 139.770 to the contrary, an approved
company under the terms of KRS 154.20-200 to 154.20-216 may receive a tax
refund of sales and use tax paid on approved expenses for the cost of building and
construction materials that are permanently incorporated as an improvement to real
property to an economic development project and equipment used in research and
development at an economic development project. The approved company shall
have no obligation to refund or otherwise return any amount of the sales and use tax
refund to the person who originally collected the tax and remitted it to the state.
An approved company shall only apply for a refund:
(a) Of sales and use tax paid for construction materials and building fixtures and
for equipment used in research and development purchased during the life of
the economic development project not to exceed the amount specified in the
approved company's agreement, as defined in KRS 154.20-200; and
(b) Within sixty (60) days after the completion of the economic development
project or the expiration of the life of the project, whichever occurs first.
An approved company shall execute information-sharing agreements prescribed by
the Department of Revenue with contractors, vendors, and other related parties to
verify construction material and building fixture costs and equipment used in
research and development, including applicable taxes, for the economic
development project.
Interest shall not be allowed or paid on any refund made under the provisions of this
section. The Department of Revenue may examine any refund within four (4) years
from the date the refund application is received. An overpayment resulting from the
examination shall be repaid to the State Treasury. Any amount required to be repaid
is subject to the interest provisions of KRS 131.183 and to the penalty provisions of
KRS 131.180.
The Department of Revenue may promulgate administrative regulations, pursuant to
the provisions of KRS Chapter 13A, and shall require the filing of forms designed
by the Department of Revenue to reflect the intent of KRS 154.20-200 to 154.20216.
Effective: March 18, 2005
History: Created 2005 Ky. Acts ch. 168, sec. 39, effective March 18, 2005.
Legislative Research Commission Note (3/18/2005). 2005 Ky. Acts ch. 168, sec. 165,
provides that this section shall apply to tax years beginning on or after January 1,
2005.
Legislative Research Commission Note (3/18/2005). 2005 Ky. Acts chs. 11, 85, 95, 97,
98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory references to
agencies and officers whose names have been changed in 2005 legislation confirming
the reorganization of the executive branch. Such a correction has been made in this
section.
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