Kansas Statutes 74-50,133. High performance incentive fund created; matching grants provided for business assistance and consulting services; preference for qualified firms
Terms Used In Kansas Statutes 74-50,133
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- department: means the department of commerce;
(4) "entrepreneur" means an individual creating a new business, service or product;
(5) "region" means multi-county areas as defined by the secretary of commerce;
(6) "regional business development fund" means an authorized and audited fund that is created by taxpayer contributions, interest income and investment income and is managed by the regional foundation board of directors for the purposes of economic and leadership development in the region;
(7) "regional foundation" means any organization in Kansas that demonstrates capacity to provide economic development services to regions as defined by this act, and: (A) Has obtained a ruling from the internal revenue service of the United States department of treasury that such organization is exempt from income taxation under the provisions of section 501(c)(3) or 501(c)(6) of the federal internal revenue code;
(B) has been designated as a certified development company by the United States small business administration;
(C) has been designated as an economic development district by the United States department of commerce's economic development administration;
(D) has been organized as a regional planning commission under Kan. See Kansas Statutes 74-50,154
- Program: means the Kansas individual development account program established in Kan. See Kansas Statutes 74-50,202
- Training: means training of employees or preemployment training of prospective employees for jobs newly created by a new or expanding industry. See Kansas Statutes 74-5065
There is hereby created within the department of commerce the high performance incentive fund to provide matching funds for business assistance and consulting services to qualified firms under the provisions of Kan. Stat. Ann. § 74-50,131, and amendments thereto, or that are entitled to a workforce training tax credit under the provisions of Kan. Stat. Ann. § 74-50,132, and amendments thereto, subject to appropriation of funds and program criteria, as provided in this section. The department of commerce may provide funds to qualified firms, on a matching basis, to pay up to 50% of such firm’s costs of acquiring consulting services provided by the mid-America manufacturing technology center, or approved private consultants to assist in improving the firm’s management, production processes or product or service quality. Qualified firms also shall receive priority consideration for any other business assistance programs administered by the department of commerce.