(1) A nonrefundable severance tax credit against the severance tax imposed by KRS 143.020 shall be allowed for new permitted production after July 1, 2000, as follows. (a) For coal mined from above-drainage seams using deep mining or underground mining methods, the credit shall be equal to: 1. Two and one -quarter percent (2.25%) of the gross value of coal with a coal thickness of between twenty-seven (27) and thirty (30) inches; or 2. Three percent (3%) of the gross value of coal with a coal thickness of less than twenty-seven (27) inches. (b) For coal mined from below-drainage seams using deep mining or underground mining methods, the credit shall be equal to: 1. Two and one -quarter percent (2.25%) of the gross value of coal with a coal thickness of between thirty-two (32) and thirty-six (36) inches; 2. Three percent (3%) of the gross value of coal with a coal thickness of between twenty-seven (27) and thirty-two (32) inches; or 3. Three and three-quarters percent (3.75%) of the gross value of coal with a coal thickness of less than twenty-seven (27) inches. (2) Coal thickness under subsection (1) of this section shall be based on the weighted average isopach mapping of actual coal thickness by mine as certified by a professional engineer for each reporting perio d. The taxpayer shall attach a copy of the certified isopach mapping for each reporting period to the return filed for that period. (3) The taxpayer shall take the tax credit under this section in conjunction with the taxpayer's monthly return.
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