{"data":{"id":"us-ky/krs-141.419","jurisdiction":"us-ky","citation":"KRS 141.419","heading":"Definitions for section -- Refundable credit for qualifying expenditures at","body":"qualifying decontamination property -- Administrative regulations --\nReporting.\n(1) As used in this section:\n(a) \"Assignee\" means the taxpayer to whom the credit allo wed under this section\nis transferred;\n(b) \"Exempt entity\" means any tax -exempt organization under Section 501(c)(3)\nof the Internal Revenue Code, any political subdivision of the\nCommonwealth, any state or local agency, board, or commission, or any\nquasi-governmental entity;\n(c) \"Qualifying expenditures\" has the same meaning as in KRS 224.1-420;\n(d) \"Qualifying decontamination property\" has the same meaning as in KRS\n224.1-420; and\n(e) \"Taxpayer\" means any:\n1. Entity that is subject to the taxes imposed by  KRS 141.020 or KRS\n141.040 and 141.0401; or\n2. Exempt entity and may include any individual, corporation, limited\nliability company, business development corporation, partnership,\nlimited partnership, sole proprietorship, association, joint stock\ncompany, receivership, trust, professional service organization, or other\nlegal entity through which business is conducted that claims the credit or\ntransfers the credit under this section.\n(2) For taxable years beginning on or after January 1, 2022, but before J anuary 1, 2032,\na taxpayer making a qualifying expenditure at a qualifying decontamination\nproperty shall be allowed a refundable credit against the taxes imposed by KRS\n141.020 or 141.040 and 141.0401, with the ordering of credits as provided in KRS\n141.0205.\n(3) The department may promulgate administrative regulations in accordance with the\nprovisions of KRS Chapter 13A to establish policies and procedures to implement\nthe provisions of this section.\n(4) Any taxpayer approved for credit under this section shall not also claim or apply for\ncredit related to the remediation or decontamination of the same qualifying property\nunder KRS 141.418.\n(5) The taxpayer receiving the credits may assign, sell, or transfer, in whole or in part,\nthe tax credit to any othe r taxpayer. Within thirty (30) days of credit transfer, the\nassignor shall provide written notice to the department of its intent to transfer or sell\nthe tax credit along with supporting documentation prescribed by the department\nwhich shall include but not be limited to:\n(a) Date on which the transfer is effective;\n(b) Assignee's name, taxpayer identification number, address, and bank routing\nand transfer number; and\n(c) Total amount of credit to be transferred.\n(6) (a) The purpose of this credit is to encourage investment in and decontamination\nor remediation of qualifying decontamination property. In order for the\nGeneral Assembly to evaluate the fulfillment of the purpose stated in this\nsection, the department shall pr ovide the following information on a\ncumulative basis for each taxable year to provide a historical impact of the tax\ncredit to the Commonwealth:\n1. The number of tax returns, by the tax type of return filed, claiming the\ncredit for each taxable year;\n2. The total amount of credit claimed on returns filed for each taxable year;\n3. The cumulative number of projects by county, as identified by the\ncounty in which the qualifying decontamination project is located, for\neach taxable year;\n4. The cumulative total  of credits claimed by county, as identified by the\ncounty in which the qualifying decontamination project is located for\neach taxable year;\n5. a. In the case of taxpayers other than corporations, based on ranges of\nadjusted gross income of no larger than five thousand dollars\n($5,000), the total amount of credits claimed for each adjusted\ngross income range for each taxable year; and\nb. In the case of corporations, based on ranges of net income of no\nlarger than fifty thousand dollars ($50,000), the total amount of\ncredits claimed for each net income range for each taxable year;\nand\n6. Any other taxpayer information necessary for the General Assembly to\nevaluate this credit.\n(b) The report required by paragraph (a) of this subsection shall be submitted to\nthe Interim Joint Committee on Appropriations and Revenue no later than\nNovember 1, 2024, and annually thereafter as long as the decontamination tax\ncredit is claimed on any tax return filed.","path":["KRS Chapter 141"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=53108","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:35Z","sha256":"9b83bde0ad1790bfc4f90bfdfe5c75a7da0b2a975ca8a2ea45740feb48835013","source_id":"us-ky","stale":false,"prev":"us-ky/krs-141.418","next":"us-ky/krs-141.420"},"notice":"GroundRules: Original legal text. Not legal advice."}