2014 Kentucky Revised Statutes
CHAPTER 65 - GENERAL PROVISIONS APPLICABLE TO COUNTIES, CITIES, AND OTHER LOCAL UNITS
65.7044 Oversight and responsibility for Commonwealth's participation in tax increment financing.
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<![CDATA[65.7044 Oversight and responsibility for Commonwealth's participation in tax
increment financing.
(1)
(2)
(3)
(4)
(5)
(6)
Oversight and responsibility for the Commonwealth's participation in tax
increment financing shall be transferred from the Tax Increment Financing
Commission to the Kentucky Economic Development Finance Authority,
established by KRS 154.20-010, on July 15, 2008.
On and after July 15, 2008, the Tax Increment Financing Commission and the
Division of Tax Increment Financing within the Office of the Commissioner in
the Department of Revenue shall cease to exist.
All documentation and records relating to state participation in all tax increment
financing programs and all agreements authorized by all prior and existing
statutes shall be transferred by the Tax Increment Financing Commission and
the Division of Tax Increment Financing to the Kentucky Economic
Development Finance Authority.
The Division of Tax Increment Financing shall obtain authorization from all
affected entities prior to the transfer of any confidential tax information to the
Kentucky Economic Development Finance Authority.
Members of the Tax Increment Financing Commission and staff of the Division
of Tax Increment Financing shall cooperate fully with the Kentucky Economic
Development Finance Authority in the transfer of all necessary records and
information.
Tax increment financing projects established under prior tax increment
financing laws and agreements entered into under prior tax increment financing
laws shall be administered and interpreted in accordance with the law in effect
at the time the project was approved and the agreement entered into.
Effective:July 15, 2008
History: Created 2008 Ky. Acts ch. 178, sec. 12, effective July 15, 2008.
Legislative Research Commission Note (7/15/2008). The Reviser of Statutes has
corrected a manifest clerical or typographical error in subsection (1) of this
statute from the way it appeared in 2008 Ky. Acts ch. 178, sec. 12. In that Act, a
reference to "KRS 154.20-10" should have read "KRS 154.20-010," which
established the Kentucky Economic Development Finance Authority. This
change has been made under the authority of KRS 7.136(1)(h).
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