132.212 Veteran service organization qualifying as institution of public charity -- Not subject to ad valorem taxation. (1) A veteran service organization may qualify as an institution of purely public charity, as expressed in Section 170 of the Kent ucky Constitution, if over fifty percent (50%) of its annual net income is expended on behalf of military veterans and other charitable causes. (2) If a veteran service organization meets the qualifications in subsection (1) of this section, its property a ssessed on January 1, 2022, shall not be subject to ad valorem taxation from the state, county, city, school, or other taxing district in which it has a taxable situs. This subsection does not apply to real property which is owned by the veteran service or ganization and occupied by another entity or person for compensation. Effective: June 29, 2021 History: Created 2021 Ky. Acts ch. 156, sec. 33, effective June 29, 2021.
Kentucky Legal Code