There is a newer version of this Section
2022
2021
2020
2019 (you are here)
2018
Other previous versions
View our newest version here

2019 Kentucky Revised Statutes
Chapter 154 - Development
Subchapter 154.28 - Financing of New Industry Development
154.28-110 Assessment based on employee's gross wages -- Employee tax credits.

Universal Citation: KY Rev Stat § 154.28-110 (2019)
Previous Next

Download as PDF
154.28-110 Assessment based on employee's gross wages -- Employee tax credits. (1) (2) (3) (4) The approved company or, with the authority's consent, an affiliate of the approved company may require, in lieu of receiving the income tax credits described in KRS 154.28-090, that each employee subject to state tax imposed by KRS 141.020, as a condition of employment, agree to pay an assessment, equal to three percent (3%) of the gross wages of each employee whose job was created as a result of the economic development project, for the purpose of recovering authorized approved costs as set forth in the agreement. Each employee so assessed shall be entitled to a credit against Kentucky income tax withheld as provided by KRS 141.310 and 141.350 equal to the assessment withheld from his or her wages during the calendar year. If an approved company shall elect to impose the assessment as a condition of employment, it shall be authorized to deduct the assessment from each paycheck of each employee. Any approved company collecting an assessment as provided in subsection (1) of this section shall make its payroll books and records available to the authority at such reasonable times as the authority shall request and shall file with the authority documentation respecting the assessment as the authority may require. Effective: July 15, 2002 History: Amended 2002 Ky. Acts ch. 338, sec. 40, effective July 15, 2002. -- Amended 2000 Ky. Acts ch. 466, sec. 3, effective April 21, 2000. -- Created 1996 Ky. Acts ch. 194, sec. 55, effective July 15, 1996.
Previous Next
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.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.