KRS 171.399: Tax credit for certified rehabilitation of certain historic structures

containing twenty-five stories or more -- Qualifications.

(1) For taxable years beginning on or after January 1, 2027, but before January 1, 2031,

a taxpayer completing a certified rehabilitation of a certified historic structure

containing a minimum of twenty -five (25) stories shall be allowed a credit against

the taxes imposed by KRS 141.020 or 141.040 and 141.0401, with the ordering of

the credit as provided in KRS 141.0 205 for projects in which the total qualified

rehabilitation expenses exceed one hundred fifty million dollars ($150,000,000).

(2) The credit shall be equal to the lesser of:

(a) The percentage of qualified rehabilitation expenses as provided in KRS

171.398; or

(b) The amount of federal credit allowed under 26 U.S.C. sec. 47 for the same

qualified rehabilitation expenses that generated the tax credit under this

section.

(3) (a) The credit shall not:

1. Exceed forty million dollars ($40,000,000); or

2. Be subject to the maximum credit amounts allowed in KRS 171.398.

(b) Any project approved for credit under this section shall not be considered in

determining whether the certified rehabilitation credit cap has been met for

any taxable year and therefore not subject to the percentage of the credit cap

allocated to owner -occupied residential property or other property that is not

owner-occupied residential property as provided in KRS 171.396.

(4) A taxpayer seeking the credit under this section shall file an application in

accordance with KRS 171.398.

(5) Unless otherwise sta ted in this section, the provisions of KRS 171.398 shall apply

to this section.