Hancock v. Prestonsburg Industrial Corp.

Opinion of the Court by

Justice SCHRODER.

The single issue in this tax case is whether the Prestonsburg Industrial Corporation (PIC) is a charitable organization under section 170 of the Kentucky Constitution, which exempts “institutions of purely public charity” from paying ad valorem taxes. We opine that PIC’s real property is not tax exempt under section 170 of the present Kentucky Constitution, reversing the Court of Appeals and remanding for further proceedings consistent with this opinion.

PIC was founded in 1968 by a group of local businessmen, as a private, nonprofit corporation, to…