Kentucky Statutes 154.24-020 – Legislative findings
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(1) The General Assembly hereby finds and declares that the general welfare and material well-being of citizens of the Commonwealth depends in large measure upon the development and growth of the service and technology industries in the Commonwealth.
(2) The General Assembly hereby finds and further declares that it is in the best interest of the Commonwealth to induce:
(a) The location of service and technology facilities in the Commonwealth; and
(b) The expansion of existing service and technology industries in the Commonwealth, in order to advance the public purposes of relieving unemployment by creating new jobs in the Commonwealth that, but for the inducements to be offered by the authority to approved companies, would not exist, and of creating new sources of tax revenues for the support of the public services provided by the Commonwealth.
(3) The General Assembly hereby finds and further declares that the authorities granted by KRS § 154.24-010 to KRS § 154.24-150 are proper governmental and public purposes for which public moneys may be expended, and that the inducement of:
(a) The location of service and technology facilities in the Commonwealth; and
(b) The expansion of existing service and technology industries in the Commonwealth is of paramount importance, mandating that the provisions of KRS § 154.24-010 to KRS § 154.24-150 be liberally construed and applied in order to advance the public purposes.
Effective: July 14, 1992
History: Created 1992 Ky. Acts ch. 358, sec. 2, effective July 14, 1992.
(2) The General Assembly hereby finds and further declares that it is in the best interest of the Commonwealth to induce:
Terms Used In Kentucky Statutes 154.24-020
- Authority: means the Kentucky Economic Development Finance Authority, consisting of a committee as set forth in KRS §. See Kentucky Statutes 154.1-010
- Commonwealth: means the Commonwealth of Kentucky. See Kentucky Statutes 154.1-010
- Tax revenues: means any revenues received by the Commonwealth directly or indirectly as a result of the industrial improvement project, including state corporate income taxes, the limited liability entity tax imposed by KRS §. See Kentucky Statutes 154.1-010
(a) The location of service and technology facilities in the Commonwealth; and
(b) The expansion of existing service and technology industries in the Commonwealth, in order to advance the public purposes of relieving unemployment by creating new jobs in the Commonwealth that, but for the inducements to be offered by the authority to approved companies, would not exist, and of creating new sources of tax revenues for the support of the public services provided by the Commonwealth.
(3) The General Assembly hereby finds and further declares that the authorities granted by KRS § 154.24-010 to KRS § 154.24-150 are proper governmental and public purposes for which public moneys may be expended, and that the inducement of:
(a) The location of service and technology facilities in the Commonwealth; and
(b) The expansion of existing service and technology industries in the Commonwealth is of paramount importance, mandating that the provisions of KRS § 154.24-010 to KRS § 154.24-150 be liberally construed and applied in order to advance the public purposes.
Effective: July 14, 1992
History: Created 1992 Ky. Acts ch. 358, sec. 2, effective July 14, 1992.