(1) A veteran service organization may qualify as an institution of purely public charity, as expressed in Section 170 of the Kentucky Constitution, if over fifty percent (50%) of its annual net income is expended on behalf of military veterans and other charitable causes.
(2) If a veteran service organization meets the qualifications in subsection (1) of this section, its property assessed on January 1, 2022, shall not be subject to ad valorem taxation from the state, county, city, school, or other taxing district in which it has a taxable situs. This subsection does not apply to real property which is owned by the veteran service organization and occupied by another entity or person for compensation.