{"data":{"id":"us-ky/krs-171.3961","jurisdiction":"us-ky","citation":"KRS 171.3961","heading":"Credit against individual, corporate, and limited liability entity tax for","body":"certified rehabilitation to a qualifying certified historic structure within\njurisdiction of consolidated local government or urban-county government.\n(1) For taxable yea rs beginning on or after January 1, 2014, a taxpayer completing a\ncertified rehabilitation to a certified historic structure shall be allowed a credit\nagainst the taxes imposed by KRS 141.020 or 141.040 and 141.0401, with the\nordering of credits as provided in KRS 141.0205, or KRS 136.505 if:\n(a) The certified historic structure is located within the jurisdiction of a\nconsolidated local government or urban-county government;\n(b) The amount of qualified rehabilitation expenses exceeds fifteen million\ndollars ($15,000,000);\n(c) The certified historic structure is located within one -half (1/2) mile of a tax\nincrement financing development area which has received at least preliminary\napproval under KRS 65.490 or 154.30-050; and\n(d) Substantial rehabilitation of the certified historic structure begins prior to July\n1, 2015.\n(2) (a) The credit shall:\n1. Equal the percentage of qualified rehabilitation expenses as provided in\nKRS 171.397(1)(a) and 171.398;\n2. Only apply to the first thirty million dollars ($30,000,000) of qualified\nrehabilitation expenses; and\n3. Be refundable and transferable.\n(b) Any projects approved for a credit under this section shall not be subject to\nany caps established by KRS 171.397 and sha ll not be considered in\ndetermining whether the certified rehabilitation credit cap has been met in any\nyear.\n(3) The taxpayer seeking the credit shall file the applications for preliminary\ndetermination and final determination as provided by KRS 171.397(2) and 171.398.\n(4) The total approved credit shall be available over a four (4) year period and the\nmaximum credit which may be claimed in a taxable year shall not exceed twenty -\nfive percent (25%) of the total approved credit.\n(5) The provisions of KRS 171 .397(9) to (14) and 171.398 shall also apply to this\nsection.","path":["KRS Chapter 171"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=56940","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:22Z","sha256":"165cee2df46ee9f138a9f3479d150fd091d1398aa4d15fcc050da08441455c28","source_id":"us-ky","stale":false,"prev":"us-ky/krs-171.396","next":"us-ky/krs-171.3963"},"notice":"GroundRules: Original legal text. Not legal advice."}