Kentucky Statutes 132.028 – Rate on business inventories levied by a city or urban-county government — Exception
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(1) Subject to the provisions of KRS § 132.027, a city or urban-county government may levy a rate on business inventories equal to or less than the prevailing rate of taxation on other tangible personal property in the respective city or urban-county government.
(2) The tangible personal property tax shall not be levied upon:
(a) The inventories of licensed motor vehicle dealers, including licensed motor vehicle auction dealers; or
(b) Motor vehicles that are in the possession of a licensed motor vehicle dealer, including licensed motor vehicle auction dealers, for sale, although ownership has not been transferred to the dealer.
Effective: June 25, 2013
History: Amended 2013 Ky. Acts ch. 94, sec. 2, effective June 25, 2013. — Amended
1990 Ky. Acts ch. 106, sec. 1, effective July 13, 1990. — Created 1980 Ky. Acts ch.
319, sec. 11, effective July 15, 1980.
(2) The tangible personal property tax shall not be levied upon:
Terms Used In Kentucky Statutes 132.028
- City: includes town. See Kentucky Statutes 446.010
- Personal property: All property that is not real property.
- Personal property: includes every species and character of property, tangible and intangible, other than real property. See Kentucky Statutes 132.010
(a) The inventories of licensed motor vehicle dealers, including licensed motor vehicle auction dealers; or
(b) Motor vehicles that are in the possession of a licensed motor vehicle dealer, including licensed motor vehicle auction dealers, for sale, although ownership has not been transferred to the dealer.
Effective: June 25, 2013
History: Amended 2013 Ky. Acts ch. 94, sec. 2, effective June 25, 2013. — Amended
1990 Ky. Acts ch. 106, sec. 1, effective July 13, 1990. — Created 1980 Ky. Acts ch.
319, sec. 11, effective July 15, 1980.