2021 Kentucky Revised Statutes Chapter 154 - Development Subchapter 154.25 - Kentucky Jobs Retention Act Program 154.25-050 Supplemental projects -- Application for and approval of -- Project's activation date -- Inducements, when authorized.
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154.25-050 Supplemental projects -- Application for and approval of -- Project's
activation date -- Inducements, when authorized.
(1)
(2)
If an approved company makes additional investments in the form of additional jobs
retention projects during the term of the initial jobs retention project, the approved
company may apply for, and the authority may approve, a supplemental project.
The authority, upon adoption of its final approval of a supplemental project, may
enter into, with any approved company, an amended agreement with respect to both
the initial jobs retention project and the supplemental project which shall jointly
make up its project. The terms and provisions of each amended agreement,
including the amount of approved costs, the amount of the tax credit pursuant to
KRS 154.25-030, the job maintenance requirement established by the agreement,
and any limitations the authority may deem necessary, shall be determined by
negotiations between the authority and the approved company, except that each
agreement shall include the following provisions:
(a) Upon approval of a supplemental project, the amount the approved company
may recover through inducements for the initial project and any supplemental
projects shall be a negotiated percentage not to exceed seventy-five percent
(75%) of the eligible costs from the initial project and all newly incurred
eligible costs from any supplemental projects, subject to the annual maximum
negotiated and approved by the authority. At the time a supplemental project
is approved, the recoverable amount and the annual maximum inducement for
the initial jobs retention project and any previous supplemental projects may
also be increased at the discretion of the authority pursuant to KRS 154.25030.
(b) The activation date for a supplemental project shall be no more than three (3)
years from final approval of the supplemental project. Prior to the activation
date, the authority may extend the time for the completion of the jobs
retention project and compliance with the required investment upon request of
the approved company for good cause; however, the ten (10) year period for
the term of the agreement shall begin from the activation date. Within three
(3) months of the completion date for a supplemental project, the approved
company shall document the actual cost of the project in a manner acceptable
to the authority. The authority may employ an independent consultant to verify
the cost of the supplemental project subject to reimbursement for the cost of
same from the approved company.
(c) In consideration of the execution of the amended agreement, on the date stated
in the agreement, the approved company may be permitted during the term of
the amended agreement to take the inducements set forth in KRS 154.25030(2)(b) and (2)(c), subject to the remaining terms of that section.
Effective: July 12, 2012
History: Amended 2012 Ky. Acts ch. 23, sec. 3, effective July 12, 2012. -- Created
2007 Ky. Acts ch. 91, sec. 5, effective March 23, 2007.
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