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139.536 Tourism attraction project credit against sales tax.
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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.
(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.
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.
The sales tax incentive shall be reduced by the amount of vendor
compensation allowed under KRS 139.570.
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.
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.
Interest shall not be allowed or paid on any refund made under the provisions
of this section.
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.
Effective:June 26, 2009
History: Amended 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 42, effective June
26, 2009. -- Amended 2009 Ky. Acts ch. 16, sec. 12, effective June 25, 2009. --
Amended 2008 Ky. Acts ch. 95, sec. 13, effective August 1, 2008. -- Amended
2005 Ky. Acts ch. 85, sec. 423, effective June 20, 2005; ch. 95, sec. 14,
effective June 20, 2005; ch. 184, sec. 14, effective June 20, 2005; and ch. 173,
Pt. XXIV, sec. 1, effective March 20, 2005. -- Amended 2001 Ky. Acts ch. 1,
sec. 8, effective June 21, 2001. -- Amended 2000 Ky. Acts ch. 315, sec. 2,
effective July 14, 2000. -- Amended 1998 Ky. Acts ch. 48, sec. 5, effective July
15, 1998; and ch. 238, sec. 6, effective April 1, 1998. -- Created 1996 Ky. Acts
ch. 335, sec. 6, effective July 15, 1996.
Legislative Research Commission Note (6/20/2005). 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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