2011 Kentucky Revised Statutes CHAPTER 65 GENERAL PROVISIONS APPLICABLE TO COUNTIES, CITIES, AND OTHER LOCAL UNITS 65.491 Legislative findings regarding tax increment financing.
KY Rev Stat § 65.491 (1996 through Reg Sess) What's This?
65.491 Legislative findings regarding tax increment financing.
(1)
(2)
It is found and declared that public improvements, and publicly promoted private
improvements, in any development area that result in the increase in the value of
property located in the development area or result in increased employment within
the development area serve a public purpose for each taxing district possessing the
authority, directly or indirectly, to impose ad valorem taxes, sales taxes, income
taxes, or occupational license fees in the development area, and for the state with
regards to its revenues from ad valorem taxes, sales taxes, and income taxes. The
increment in revenues derived by each taxing district and the state from the
development area is found and declared to be one of the benefits derived by each
taxing district and the state from any local development project or public project
undertaken by the agency; and
It is found that the use of tax increment financing or a grant program based upon the
use of increment financing as tax revenues has proved to be successful and of great
benefit to areas in need of revitalization and development in other parts of the
country; therefore, the development of a pilot program within the Commonwealth to
test the usefulness of increment financing to assist local governments in restoring
and revitalizing their communities is declared to be a most worthy public purpose.
Effective: July 14, 2000
History: Created 2000 Ky. Acts ch. 326, sec. 2, effective July 14, 2000.
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