KRS 171.3963: Tax credit for major certified rehabilitation of historic structure.

(1) Prior to December 31, 2021, the council may award one (1) application for

preliminary approval of a major certified rehabilitation for a certified historic

structure, for a tax credit against the taxes imposed by KRS 141.020 or 141.040 and

141.0401, with the ordering of credits as provided in KRS 141.0205.

(2) The major certified rehabilitation shall contain the following characteristics:

(a) The certified historic structure was individually listed on the National Register

of Historic Places on or before December 31, 1981;

(b) The size of the certified historic structure exceeds three hundred thousand

(300,000) square feet;

(c) The total project costs exceed fifty million dollars ($50,000,000);

(d) Substantial rehabilitation of the certified historic str ucture begins prior to

December 31, 2021; and

(e) The application for preliminary approval reflects that following the substantial

rehabilitation, the certified historic structure will be used as a hotel, tourism

destination, or other use supporting or rel ating to the promotion of tourism to

and within the Commonwealth.

(3) (a) The credit shall:

1. Equal the percentage of qualified rehabilitation expenses as provided in

KRS 171.397(1)(a);

2. Only apply to the first thirty million dollars ($30,000,000) of qu alified

rehabilitation expenses; and

3. Be refundable and transferable.

(b) The project approved for a credit under this section:

1. Shall not be subject to the maximum credits which may be claimed wit h

regard to owner -occupied residential property or other property that is

not owner -occupied residential property established by KRS 171.397;

but

2. Shall be considered in determining whether the certified rehabilitation

credit cap in KRS 171.396 has been met.

(4) Any taxpayer seeking the credit shall file the application for preliminary

determination and final determination as provided by KRS 171.397(2), without

regard to the April 20 and June 30 dates referenced in that section.

(5) The total approved cre dit shall be available over a four (4) year period and the

maximum credit which may be claimed in a taxable year shall not exceed twenty -

five percent (25%) of the total approved credit.

(6) The provisions of KRS 171.397(9) to (14) shall also apply to this section.