Tangible Personal Property Tax
Effective January 1, 2020, tangible personal property tax returns are not required to be filed if a taxpayer's tangible personal property has a fair cash value of $1,000 or less. However, taxpayers must still keep records of property owned.
Heavy Equipment Rental Inventory
Effective January 1, 2020, heavy equipment rental inventory changes allow "qualified heavy equipment" to be taxed at a reduced state rate. This only applies to businesses with NAICS Codes 532310 or 532412. Ad valorem taxes paid on heavy equipment rental inventory is eligible to be included in the inventory tax credit. For a description of what qualified heavy equipment is see KRS 132.010(30).