Download as PDF
154.27-050
Release of sales tax incentives under tax incentive agreement -Monitoring, tracking, and reporting requirements.
(1)
(2)
(3)
(4)
The department may release to an approved company any sales tax incentives under
KRS 139.517 and 154.27-070 after review of the request for incentives required by
KRS 139.517 and determination of the amount due regardless of whether the
minimum capital investment has been made as required by the tax incentive
agreement.
The authority shall monitor all tax incentive agreements. The authority may seek
assistance from the Office of Energy Policy, the Department of Revenue, the Center
for Applied Energy Research, or other entities or individuals in performing its
monitoring functions.
The department shall track the amount of revenues released and incentives received
for each eligible project under each tax incentive agreement and shall provide the
authority the information upon request.
By November 1 of each year, the authority and the department shall jointly prepare
an annual report and post it to the Cabinet for Economic Development Web site as
required in KRS 154.12-2035. The report shall include a list of all companies with
which tax incentive agreements have been entered into and a summary of the terms
of each agreement, including the type of facility approved, product to be produced,
estimated output upon completion, required minimum capital investment and
maximum recovery, incentives approved by type of tax and amount, activation date,
and termination date.
Effective: July 14, 2018
History: Amended 2018 Ky. Acts ch. 29, sec. 57, effective July 14, 2018; and ch. 199,
sec. 25, effective July 14, 2018. -- Amended 2014 Ky. Acts ch. 134, sec. 8, effective
July 15, 2014. -- Amended 2010 Ky. Acts ch. 24, sec. 202, effective July 15, 2010. -Created 2007 (2d Extra. Sess.) Ky. Acts ch. 1, sec. 5, effective August 30, 2007.
Legislative Research Commission Note (7/14/2018). This statute was amended by 2018
Ky. Acts chs. 29 and 199, which do not appear to be in conflict and have been
codified together.
Legislative Research Commission Note (7/14/2018). 2018 Ky. Acts ch. 171, sec. 140
directed that this statute be repealed. However, 2018 Ky. Acts ch. 207, sec. 149
subsequently directed that the repeal of this statute in 2018 Ky. Acts ch. 171 itself be
repealed. Therefore, no repeal was given effect.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
