{"data":{"id":"us-ky/krs-141.408","jurisdiction":"us-ky","citation":"KRS 141.408","heading":"Inventory tax credit -- Applies on or after January 1, 2018 -- Pass-through","body":"entities, allowable credit -- Annual report.\n(1) There shall be allowed a nonrefundable and nontransferable credit against the tax\nimposed by KRS 141.020 or 141.040 a nd 141.0401, with the ordering of the credits\nas provided in KRS 141.0205, for any taxpayer that, on or after January 1, 2018,\ntimely pays an ad valorem tax to the Commonwealth or any political subdivision\nthereof for property described in KRS 132.020(1)(e) or 132.099.\n(2) The credit allowed under subsection (1) of this section shall be in an amount equal\nto:\n(a) Twenty-five percent (25%) of the ad valorem taxes timely paid for taxable\nyears beginning on or after January 1, 2018, and before January 1, 2019;\n(b) Fifty percent (50%) of the ad valorem taxes timely paid for taxable years\nbeginning on or after January 1, 2019, and before January 1, 2020;\n(c) Seventy-five percent (75%) of the ad valorem taxes timely paid for taxable\nyears beginning on or after January 1, 2020, and before January 1, 2021; and\n(d) One hundred percent (100%) of the ad valorem taxes timely paid, for taxable\nyears beginning on or after January 1, 2021.\n(3) If the taxpayer is a pass-through entity, the taxpayer may apply the credit against the\nlimited liability entity tax imposed by KRS 141.0401, and shall pass the credit\nthrough to its members, partners, or shareholders in the same proportion as the\ndistributive share of income or loss is passed through.\n(4) No later than October 1, 2019 , and annually thereafter, the department shall report\nto the Interim Joint Committee on Appropriations and Revenue:\n(a) The name of each taxpayer taking the credit permitted by subsection (1) of\nthis section;\n(b) The location of the property upon which the credit was allowed; and\n(c) The amount of credit taken by that taxpayer.","path":["KRS Chapter 141"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=49199","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:35Z","sha256":"3e06a3f8ef86ed09f2ca07a923242ed68b0de4fdcadb8da97fbb6b6c18931c96","source_id":"us-ky","stale":false,"prev":"us-ky/krs-141.407","next":"us-ky/krs-141.410"},"notice":"GroundRules: Original legal text. Not legal advice."}