BillTrack50 logo
Free Signup Login
Bill

Bill > HB521

KY HB521

KY HB521
AN ACT relating to motorboats and making an appropriation therefor.

summary

Introduced
02/13/2024
In Committee
02/21/2024
Crossed Over
Passed
Dead
04/15/2024

Introduced Session

2024 Regular Session

Bill Summary

Create a new section of KRS Chapter 132 to exempt federally documented vessels from property taxation; create new sections of KRS Chapter 235 to establish the waterway usage fee and the distribution of revenue generated from the fee; establish the waterway usage fund; create a new section of KRS Chapter 148 to establish the Kentucky lakes and rivers tourism fund; require grants of money from the fund to go to marinas qualifying through an application process; amend KRS 235.990 to establish a penalty for nonpayment of the waterway usage fee; amend KRS 235.999 and 150.160 to distribute the money collected from the penalty; amend KRS 132.020 and 132.200 to make conforming changes; EFFECTIVE January 1, 2025; APPROPRIATION.

AI Summary

This bill: - Exempts federally documented vessels not used for commercial purposes from state and local ad valorem (property) taxes. - Establishes an annual "waterway usage fee" that owners/operators of certain motorboats on Kentucky waters must pay, with the fee amount varying based on boat length. - Creates the "waterway usage fund" to receive and distribute the revenue from the waterway usage fees, including to local taxing districts to offset the lost ad valorem tax revenue, and to a new "Kentucky lakes and rivers tourism fund" for grants to marinas for tourism promotion. - Imposes a $500 penalty for failure to pay the waterway usage fee. - Makes conforming changes to Kentucky's property tax laws. - Takes effect on January 1, 2025.

Committee Categories

Budget and Finance

Sponsors (1)

Last Action

to Appropriations & Revenue (H) (on 02/21/2024)

Bill Topics

Banking, Finance, and Domestic Commerce
  • ‐ Tourism and Travel
Macroeconomics
  • ‐ Taxation, Tax Policy, and Tax Reform
(1 Companion Bills)

bill text

bill summary

Loading...

bill summary

Loading...

bill summary

Document Type Source Location Created
State Bill Page https://apps.legislature.ky.gov/record/24RS/hb521.html 02/13/2024
BillText https://apps.legislature.ky.gov/recorddocuments/bill/24RS/hb521/orig_bill.pdf 02/13/2024
Local Mandate Fiscal Impact https://apps.legislature.ky.gov/recorddocuments/note/24RS/hb521/LM.pdf 02/13/2024
Loading...