2016 Kentucky Revised Statutes
CHAPTER 153 - THE ARTS -- STATE ZOO
.450 Levy of additional transient room taxes by urban-county government -- Restrictions on use of proceeds -- Sunset.

Download as PDF 153.450 Levy of additional transient room taxes by urban-county government -Restrictions on use of proceeds -- Sunset. (1) (2) (3) In addition to the four percent (4%) transient room tax authorized by KRS 91A.390 an urban-county government may levy an additional transient room tax not to exceed two percent (2%) of the rent for every occupancy of a suite, room, or rooms, charged by all persons, companies, corporations, or other like or similar persons, groups, or organizations doing business as motor courts, motels, hotels, inns, or like or similar accommodations' businesses. All additional moneys collected from the tax authorized by subsection (1) of this section shall be applied toward the retirement of bonds used to finance a nonprofit corporation which is created for the funding, construction, and management of a convention center in an urban-county, and to defray the operating costs of the nonprofit corporation. (a) As used in this subsection, "project" means the renovation, expansion, or improvement of a convention center on or after July 15, 2016. (b) In addition to the levy authorized by subsection (1) of this section, an urbancounty government may levy an additional transient room tax not to exceed two and one-half percent (2.5%) to provide funding for a project. (c) Proceeds from the levy shall be used only for the direct expenditure for, or repayment of debt associated with, the project. (d) The levy shall sunset upon completion of the project and repayment of all associated debt. Effective: July 15, 2016 History: Amended 2016 Ky. Acts ch. 137, sec. 1, effective July 15, 2016. -- Amended 2000 Ky. Acts ch. 158, sec. 1, effective July 14, 2000. -- Amended 1986 Ky. Acts ch. 11, sec. 2, effective July 15, 1986. -- Created 1980 Ky. Acts ch. 382, sec. 7, effective April 9, 1980.