Bill will impact sales at conventions
LEBANON, Ky. (Oct. 22, 2014) — Gov. Steve Beshear today signed a bill to exempt sales or use tax on personal property sales by a federally chartered corporation, if the sales occur during the corporation’s annual convention.
House Bill 488, sponsored by Rep. Terry Mills (D-Lebanon) applies to sales made between Oct. 1, 2014 and Dec. 31, 2021. The bill exempts sales or use tax on personal property sales by a federally chartered corporation, if the sales occur during the corporation’s annual convention.
The bill will impact this year’s National FFA Convention in Louisville from Oct. 29 to Nov. 1. The 2013 convention drew 55,000 people and had an economic impact of $40 million.
“I have supported this legislation since day one because it improves our ability to attract conventions and conferences, both large and small, to Kentucky,” Beshear said. “By offering tax breaks to corporations holding national conferences in the commonwealth, we further increase the popularity of Kentucky as a convention destination. This means a positive economic impact to local communities and businesses.”