132.0 28 Rate on business inventories levied by a city or urban -county government - - Exception. (1) Subject to the provisions of KRS 132.027, a city or urban -county government may levy a rate on business inventories equal to or less than the prevailing rate of taxation on other tangible personal property in the respective city or urban -county government. (2) The tangible personal property tax shall not be levied upon: (a) The inventories of licensed motor vehicle dealers, including licensed motor vehicle auct ion dealers; or (b) Motor vehicles that are in the possession of a licensed motor vehicle dealer, including licensed motor vehicle auction dealers, for sale, although ownership has not been transferred to the dealer. Effective: June 25, 2013 History: Amend ed 2013 Ky. Acts ch. 94, sec. 2, effective June 25, 2013. -- Amended 1990 Ky. Acts ch. 106, sec. 1, effective July 13, 1990. -- Created 1980 Ky. Acts ch. 319, sec. 11, effective July 15, 1980.
Kentucky Legal Code