Kentucky Brownfield Tax Incentives

For qualified parties, the state and local property tax rates on a remediated brownfield property are reduced. For three years following the issuance of a no-further-remediation letter, the property will not be subject to local ad valorem property taxes. The state ad valorem property tax rate will be reduced from 31.5 cents per $100 of assessed value to 1.5 cents per $100 of assessed value.
   
Qualified parties can also receive up to $150,000 worth of income tax credits for expenditures made in order to meet the requirements of the cabinet-approved cleanup. The allowable credit for any taxable year is a maximum of 25 percent of the credit authorized. The credit may be carried forward for 10 successive years following the issuance of a no further remediation letter.  

MORE