Summary of Original Version

Create a new section in KRS Chapter 132 to exempt veteran service organizations from ad valorem taxation if over 50 percent of the organization's annual net income is expended on behalf of veterans and other charitable causes; amend KRS 132.010 to define "veteran service organization"; apply to property assessed on or after January 1, 2022.

Summary of Amendment: House Committee Substitute 1

Summary Create a new section in KRS Chapter 132 to exempt veteran service organizations from ad valorem taxation if over 50 percent of the organization's annual net income is expended on behalf of veterans and other charitable causes; prohibit the exemption from applying to real property which is owned by the veteran service organization and occupied by another entity or person for compensation; amend KRS 132.010 to define "veteran service organization"; apply to property assessed on or after January 1, 2022.

Statutes affected:
Introduced: 132.010
House Committee Substitute 1: 132.010