Kansas Statutes 74-50,316. Attracting powerful economic expansion payroll incentive fund; establishment; administration by secretary of commerce; use of
Terms Used In Kansas Statutes 74-50,316
- 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
- Secretary: means the secretary of commerce. See Kansas Statutes 74-5059
- State: means the state of Kansas. See Kansas Statutes 74-5059
There is hereby established in the state treasury the attracting powerful economic expansion payroll incentive fund to be administered by the secretary of commerce. All moneys credited to the attracting powerful economic expansion payroll incentive fund shall be used by the Kansas department of commerce for partial reimbursement to qualified firms for total payroll costs pursuant to the provisions of Kan. Stat. Ann. 2023 Supp. 74-50,312 and 74-50,315, and amendments thereto. All expenditures from the attracting powerful economic expansion payroll incentive fund shall be made in accordance with appropriation acts upon warrants of the director of accounts and reports issued pursuant to vouchers approved by the secretary of commerce or the secretary’s designee.