Section 132.028 - 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 auction 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.Amended by 2013 Ky. Acts ch. 94,§ 2, eff. 6/24/2013.Effective:7/13/1990
Amended 1990 Ky. Acts ch. 106, sec. 1, effective7/13/1990. -- Created 1980 Ky. Acts ch. 319, sec. 11, effective 7/15/1980.