KRS 139.536: Tourism attraction project credit against sales tax.

(1) 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.

(2) (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.

(3) 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.

(4) The sales tax incentive shall be reduced by the amount of vendor compensation

allowed under KRS 139.570.

(5) The approved company seeking the incentives shall execute in formation-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.

(6) 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.

(7) Interest shall not be allowed or paid on any refund made under the provisions of this

section.

(8) 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.