Statutes, codes, and regulations
Kentucky Administrative Regulations
Title 103 - FINANCE AND ADMINISTRATION CABINET - DEPARTMENT OF REVENUE
Chapter 8 - Ad Valorem Tax; State Assessment
Section 103 KAR 8:090 - Classification of property; public service corporations

103 Ky. Admin. Regs. 8:090

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Current through Register Vol. 51, No. 5, November 1, 2024
Section 103 KAR 8:090 - Classification of property; public service corporations

RELATES TO: KRS 136.010, 136.120, 136.130

NECESSITY, FUNCTION, AND CONFORMITY: KRS 131.130(1) authorizes the Department of Revenue to promulgate administrative regulations for the administration and enforcement of all tax laws of this state. KRS 136.130 requires all public service corporations performing any public service in Kentucky to report certain facts prescribed by the department annually for purposes of the ad valorem tax on public service corporations imposed by KRS 136.120. KRS 136.120(2) states that the property of all taxpayers shall be classified as operating property, nonoperating tangible property, and nonoperating intangible property. This administrative regulation specifies the classification of certain operating property commonly held by public service corporations as real estate, personalty, and manufacturing machinery.

Section 1. Classification of Public Service Company Property. The department prescribes the following classification of property to be used by public service corporations in reporting under KRS 136.120 et seq. This list is not intended to be complete and comprehends only those items of property whose proper classification has been subject to some confusion in the past.

Type of Property

Classification

Leasehold

Real Estate

Oil & Gas Wells

Real Estate

Transmission Pipelines (Oil, Gas & Water)

Real Estate

Conduits

Real Estate

Oil & Gas Gathering Lines

Tangible Personal

Electric Transmission Lines

Tangible Personal

Electric Distribution Lines

Tangible Personal

Underground Cables

Tangible Personal

Telephone Lines

Tangible Personal

Wire in Underground Conduits

Tangible Personal

Electric Substations/ Transformers

Manufacturing Machinery

Machinery & Equipment used in the Manufacture of Gas

Manufacturing Machinery

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103 KAR 8:090

FN-2; 1 Ky.R. 1008; eff. 6-11-75; Am. 8 Ky.R. 68; eff. 9-2-81; 48 Ky.R. 465; 1584; eff. 3-1-2022.

STATUTORY AUTHORITY: KRS 131.130