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154.27-050
Release of sales tax incentives under tax incentive agreement -Monitoring, tracking, and reporting requirements.
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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 Department for Energy Development and Independence, 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
a report for the Governor and the Legislative Research Commission, 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 15, 2014
History: 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.
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