Bill > HB2

This bill creates new provisions in Kentucky law regarding the taxation of currency and bullion currency, specifically addressing potential improper tax collection. The bill establishes that any official notice instructing taxpayers to collect sales and use tax on currency or bullion currency after August 1, 2024, is void and unenforceable. Taxpayers who have paid sales or use tax on such currency can now file a refund action in Circuit Court, either individually or as a class action lawsuit. If successful, plaintiffs are entitled to receive not only a tax refund but also prejudgment and post-judgment interest, injunctive relief, reasonable attorney's fees, and liquidated damages of $1,000 per day for each violation. The bill notably waives sovereign and governmental immunity for such claims, meaning government entities can be held liable. Additionally, any individual who directs or causes a violation of these provisions can be personally held liable for damages. The bill is retroactive to August 1, 2024, and takes effect immediately due to an declared emergency, with provisions designed to provide taxpayers with relief from what the legislature appears to consider improper taxation of currency and bullion currency.

Budget and Finance

https://apps.legislature.ky.gov/record/25RS/hb2.html