(1) Notwithstanding KRS § 132.486, the watercraft of any corporation operating within this state, or partly within this state and partly within other states, shall be assessed by the department as of January 1 each year.
(2) The department shall have the sole power to value and assess all of the corporation‘s watercraft.

Terms Used In Kentucky Statutes 136.1802

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
  • State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
  • Year: means calendar year. See Kentucky Statutes 446.010

(3) The department shall bill and collect all ad valorem taxes on watercraft and shall divide, allocate, and distribute the tax receipts as provided in KRS § 136.1804 to each local taxing district within this state.
(4) The value of the corporation’s watercraft shall be apportioned to this state by multiplying the assessed value by a fraction, the numerator of which shall include:
(a) Ninety percent (90%) of the length of the corporation’s Ohio River route that borders Kentucky;
(b) Fifty percent (50%) of the length of the Mississippi River route that borders
Kentucky;
(c) Fifty percent (50%) of the length of the Big Sandy River route that borders
Kentucky; and
(d) One hundred percent (100%) of the length of all other navigable waterways within Kentucky;
and the denominator of which shall include the length of all waterway routes traveled in all states by the corporation during the previous calendar year.
Effective: January 1, 2008
History: Created 2006 Ky. Acts ch. 169, sec. 2, effective January 1, 2008.

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