Notice of Governor’s Veto of Sales Tax Exemption for Bullion and Tax Amnesty Provisions

During the 2024 legislative session the Kentucky General Assembly passed HB 8, “An Act relating to fiscal matters, making an appropriation therefor, and declaring an emergency." Section 33 of HB 8 provided an exemption from sales and use tax for the sale, use, storage or other consumption of “currency or bullion." Sections 43 through 47 of HB 8 created a tax amnesty program to be conducted for a period of sixty (60) days beginning October 1, 2024.

Governor Andy Beshear exercised his authority under Section 88 of the Kentucky Constitution to disapprove of any part or parts of the appropriation bill by issuing line-item vetoes of the exemption from sales and use tax for currency or bullion and the tax amnesty program. The General Assembly did not override the Governor's line-item vetoes, leaving them intact.

Accordingly, the sale, use, storage or other consumption of currency or bullion currency continues to be subject to the sales and use tax. Taxpayers should continue to collect and remit the sales and use tax as provided under KRS Chapter 139. Further, the Department of Revenue shall not implement the tax amnesty program appearing in Sections 43 through 47 of HB 8 vetoed by the Governor.