AN ACT relating to tax credits for historic property rehabilitation and construction.
     Create a new section of KRS Chapter 171 to provide a tax credit for qualified rehabilitation expenses paid to rehabilitate a certified historic structure against the individual income tax, corporate income tax, corporate license tax, public service corporation property tax, or bank franchise tax; define terms; provide that the credit is equal to 30% of the expenses in the case of owner-occupied residential property and 20% in the case of all other property; provide that the maximum amount of the credit is $60,000; provide that the credit may be transferred or assigned with some or no consideration; require the Revenue Cabinet to assess a penalty for disqualifying work; provide that the director of the Kentucky Heritage Council may impose fees for processing applications; allow the Kentucky Heritage Council and the Revenue Cabinet to promulgate administrative regulations; provide that the provisions of this section apply to applications filed on or after January 1, 2005; create a new section of KRS Chapter 171 to allow a tax credit for qualified construction expenses for a certified home; define terms; provide that the credit is equal to 10% of the expenses; provide that the maximum amount of the credit is $20,000; provide that the credit may be transferred or assigned with some or no consideration; require the Revenue Cabinet to assess a penalty for disqualifying work; provide that the director of the Kentucky Heritage Council may impose fees for processing applications; allow the Kentucky Heritage Council and the Revenue Cabinet to promulgate administrative regulations; provide that the provisions of this section apply to applications filed on or after January 1, 2005; create a new section of KRS Chapter 136 to reference the credits permitted in this Act; amend KRS 141.0205 to conform.

     Feb 27-introduced in House
     Mar 1-to Appropriations and Revenue (H)