Kentucky Statutes 154.22-070 – Assessment based on employee’s gross wages — Credits against Kentucky income tax
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(1) The approved company or, with the authority‘s consent, an affiliate of the approved company may require that each employee subject to state tax imposed by KRS
141.020, as a condition of employment, agree to pay an assessment, equal to four percent (4%) 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 tax incentive agreement.
(2) Each employee so assessed shall be entitled to credits against Kentucky income tax equal to the assessment withheld from wages during the calendar year as provided by KRS § 141.310 and KRS § 141.350.
(3) 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.
(4) 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. 23, effective July 15, 2002. — Amended
1996 Ky. Acts ch. 194, sec. 33, effective July 15, 1996; and ch. 337, sec. 2, effective July 15, 1996. — Amended 1994 Ky. Acts ch. 450, sec. 9, effective July 15, 1994. – Repealed, reenacted, and amended as KRS § 154.22-070, 1992 Ky. Acts ch. 105, sec.
28, effective July 14, 1992; and ch. 360, sec. 8, effective July 14, 1992. — Created
1988 Ky. Acts ch. 392, sec. 12, effective April 8, 1988.
Formerly codified as KRS § 152.282
141.020, as a condition of employment, agree to pay an assessment, equal to four percent (4%) 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 tax incentive agreement.
Terms Used In Kentucky Statutes 154.22-070
- Authority: means the Kentucky Economic Development Finance Authority, consisting of a committee as set forth in KRS §. See Kentucky Statutes 154.1-010
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Project: includes but is not limited to agribusiness, agricultural or forestry production, harvesting, storage, or processing facilities or equipment. See Kentucky Statutes 154.1-010
- State: means the Commonwealth of Kentucky. See Kentucky Statutes 154.1-010
- Year: means calendar year. See Kentucky Statutes 446.010
(2) Each employee so assessed shall be entitled to credits against Kentucky income tax equal to the assessment withheld from wages during the calendar year as provided by KRS § 141.310 and KRS § 141.350.
(3) 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.
(4) 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. 23, effective July 15, 2002. — Amended
1996 Ky. Acts ch. 194, sec. 33, effective July 15, 1996; and ch. 337, sec. 2, effective July 15, 1996. — Amended 1994 Ky. Acts ch. 450, sec. 9, effective July 15, 1994. – Repealed, reenacted, and amended as KRS § 154.22-070, 1992 Ky. Acts ch. 105, sec.
28, effective July 14, 1992; and ch. 360, sec. 8, effective July 14, 1992. — Created
1988 Ky. Acts ch. 392, sec. 12, effective April 8, 1988.
Formerly codified as KRS § 152.282