Bill > HB496

This bill: - Exempts federally documented vessels not used for commercial purposes from state and local ad valorem taxes. - Establishes an annual "waterway usage fee" for motorboats that are documented with the U.S. Coast Guard, not primarily located in Kentucky, or not registered in Kentucky. The fee varies based on the length of the motorboat. - Creates a "waterway usage fund" to receive the revenue from the waterway usage fees, which will be distributed to the Department of Fish and Wildlife Resources for enforcement, local taxing districts to replace lost tax revenue, and the Kentucky lakes and rivers tourism fund. - The Kentucky lakes and rivers tourism fund will provide grants to marinas in counties that previously received tax revenue from motorboats, to be used for promoting tourism activities on the state's waterways. - Imposes a $500 penalty for failure to pay the waterway usage fee, with proceeds going to the waterway usage fund and the Department of Fish and Wildlife Resources. - Makes conforming changes to existing laws related to taxation and motorboat regulation. - Takes effect on January 1, 2024.