AN ACT relating to the valuation of multi-unit rental housing subject to government restriction on use.

Amend KRS 132.010 to add definitions for "government restriction on use," "low-income," and "multi-unit rental housing"; amend KRS 132.191 to allow the valuation of multi-unit rental housing that is subject to government restriction on use to be calculated using specific methods; disallow the inclusion of income tax credits in the methods; require the owner of the multi-unit rental housing to provide notifications and file a form with the property valuation administrator; allow penalty up to $200 for noncompliance; require the Department of Revenue to promulgate administrative regulations.