Kentucky Statutes 154.27-070 – Sales and use tax incentives
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(1) Notwithstanding KRS § 134.580(3) and 139.770, on or after January 1, 2008, an approved company is eligible for an incentive in an amount up to one hundred percent (100%) of the Kentucky sales and use tax paid, reduced by the vendor compensation provided under KRS § 139.570, on the purchase of tangible personal property, including but not limited to materials, machinery, and equipment used to construct, retrofit, or upgrade an eligible project.
(2) The incentive shall not include tangible personal property purchased before the activation date or purchases of operating supplies, or repair, replacement, or spare parts as defined in KRS § 139.010.
(3) Upon the activation date, an approved company may be eligible for the incentive offered under this section. The approved company shall file a request for the incentive payment with the department as provided in KRS § 139.517.
(4) The incentive provided in this section shall expire upon the completion of the construction, retrofit, or upgrade of the eligible project, or five (5) years from the activation date, whichever is earlier.
Effective: August 1, 2008
History: Amended 2008 Ky. Acts ch. 95, sec. 19, effective August 1, 2008. — Created
2007 (2d Extra. Sess.) Ky. Acts ch. 1, sec. 7, effective August 30, 2007.
(2) The incentive shall not include tangible personal property purchased before the activation date or purchases of operating supplies, or repair, replacement, or spare parts as defined in KRS § 139.010.
Terms Used In Kentucky Statutes 154.27-070
- Activation date: means the date on which an approved company begins incurring recoverable costs or engaging in recoverable activity pursuant to the tax incentive agreement. See Kentucky Statutes 154.27-010
- Approved company: means a corporation, limited liability company, partnership, registered limited liability partnership, sole proprietorship, business trust, or any other entity approved for incentives for an eligible project. See Kentucky Statutes 154.27-010
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Department: means the Department of Revenue. See Kentucky Statutes 154.27-010
- Eligible project: means :
(a) An alternative fuel facility or a gasification facility meeting the investment requirements of KRS §. See Kentucky Statutes 154.27-010 - Personal property: All property that is not real property.
- Project: includes but is not limited to agribusiness, agricultural or forestry production, harvesting, storage, or processing facilities or equipment. See Kentucky Statutes 154.1-010
- Retrofit: means a modification or addition to an existing facility that results in the production of a new and different product or services or uses a new or different process to produce the same product or services at the facility. See Kentucky Statutes 154.27-010
- Upgrade: means an investment in an existing facility that results in an increase in the productivity of the facility. See Kentucky Statutes 154.27-010
(3) Upon the activation date, an approved company may be eligible for the incentive offered under this section. The approved company shall file a request for the incentive payment with the department as provided in KRS § 139.517.
(4) The incentive provided in this section shall expire upon the completion of the construction, retrofit, or upgrade of the eligible project, or five (5) years from the activation date, whichever is earlier.
Effective: August 1, 2008
History: Amended 2008 Ky. Acts ch. 95, sec. 19, effective August 1, 2008. — Created
2007 (2d Extra. Sess.) Ky. Acts ch. 1, sec. 7, effective August 30, 2007.