Kentucky Statutes 139.471 – Transactions excluded from additional tax
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Excluded from the additional taxes imposed by KRS § 139.200 and KRS § 139.310 are gross receipts:
(1) Derived from sales of and the storage, use, or other consumption of tangible personal property purchased for use in the performance of a lump-sum, fixed-fee contract executed on or before March 9, 1990;
(2) Derived from sales made under fixed price sales contracts executed on or before March 9, 1990, provided the contract specifies a five percent (5%) sales tax rate; and
(3) Derived from a lease or rental agreement entered into on or before March 9, 1990.
Effective: July 1, 2007
History: Amended 2007 Ky. Acts ch. 141, sec. 20, effective July 1, 2007. — Created
1990 Ky. Acts ch. 476, Pt. VII A, sec. 623, effective July 1, 1990.
(1) Derived from sales of and the storage, use, or other consumption of tangible personal property purchased for use in the performance of a lump-sum, fixed-fee contract executed on or before March 9, 1990;
Terms Used In Kentucky Statutes 139.471
- consumption: as used in this chapter , shall not include the sale, use, storage, or other consumption of:
(1) Locomotives or rolling stock, including materials for the construction, repair, or modification thereof, or fuel or supplies for the direct operation of locomotives and trains, used or to be used in interstate commerce. See Kentucky Statutes 139.480 - Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Personal property: All property that is not real property.
- Storage: includes any keeping or retention in this state for any purpose except sale in the regular course of business or subsequent use solely outside this state of tangible personal property, digital property, or prewritten computer software access services purchased from a retailer. See Kentucky Statutes 139.010
- Use: includes the exercise of:
1. See Kentucky Statutes 139.010
(2) Derived from sales made under fixed price sales contracts executed on or before March 9, 1990, provided the contract specifies a five percent (5%) sales tax rate; and
(3) Derived from a lease or rental agreement entered into on or before March 9, 1990.
Effective: July 1, 2007
History: Amended 2007 Ky. Acts ch. 141, sec. 20, effective July 1, 2007. — Created
1990 Ky. Acts ch. 476, Pt. VII A, sec. 623, effective July 1, 1990.