KRS 139.536 — Tourism attraction project credit against sales tax

(1) As used in this section:
(a) "Agreement" means the same as defined in KRS 148.851;
(b) "Approved company" means the same as defined in KRS 148.851;
(c) "Approved costs" means the same as defined in KRS 148.851;
(d) "Authority" means the same as defined in KRS 148.851;
(e) "Cabinet" means the same as defined in KRS 148.851;
(f) "Secretary" means the secretary of the Tourism, Arts and Heritage Cabinet;
and
(g) "Tourism development project" means the same as defined in KRS 148.851.
(2) (a) In consideration of the execution of the agreement and notwithstanding any
provision of KRS 139.770 to the contrary, the approved company excluding
its lessees, may be granted a sales tax incentive based on the Kentucky sales
tax imposed by KRS 139.200 on the sales generated by or arising at the
tourism development project as provided in KRS 148.853.
(b) The approved company shall have no obligation to refund or otherwise return
any amount of this sales tax refund to the persons from whom the sales tax
was collected.
(3) The authority shall notify the department upon approval of a tourism development
project. The notification shall include the name of the approved company, the name
of the tourism development project, the date on which the approved company is
eligible to receive incentives under this section, the term of the agreement, the
estimated approved costs, and the specified percentage of the approved costs that
the approved company is eligible to receive and any other information that the
department may require.
(4) The sales tax incentive shall be reduced by the amount of vendor compensation
allowed under KRS 139.570.
(5) The approved company seeking the incentives shall execute in formation-sharing
agreements prescribed by the department with its lessees and other related parties to
verify the amount of sales tax eligible for the sales tax refund under this section.
(6) By October 1 of each year, the department shall certify to the authority and the
secretary the sales tax liability of the approved companies receiving incentives
under this section and KRS 148.851 to 148.860, and their lessees, and the amount
of the sales tax refunds issued pursuant to this section for the preceding fiscal year.
(7) Interest shall not be allowed or paid on any refund made under the provisions of this
section.
(8) The department may promulgate administrative regulations and require the filing of
forms designed by the department to reflect the intent of this section and KRS
148.851 to 148.860.