Kentucky Statutes 154.20-202 – Authority to promulgate administrative regulations — Requirements for approval of eligible companies and economic development projects
Current as of: 2024 | Check for updates
|
Other versions
(1) The authority shall promulgate administrative regulations, pursuant to KRS Chapter
13A, for approving eligible companies pursuant to KRS § 154.20-200 to KRS § 154.20-216. (2) Relevant standards for approval of eligible companies and economic development
projects shall include but are not limited to creditworthiness of the eligible
company, employment opportunities for Kentucky residents, including wages to be paid, whether the project is located in a preference zone, whether the eligible company is participating in other incentive programs pursuant to KRS Chapter 154 for the project, and the likelihood that the project will be an economic success. An eligible company with an economic development project located in a preference zone shall be given priority for approval.
(3) An eligible company shall certify to the authority, by written application provided by the authority, the following:
(a) That the company is making a minimum investment of one hundred thousand dollars ($100,000) in the project, if the project is located in a preference zone or five hundred thousand dollars ($500,000) in the project, if the project is not located in a preference zone;
(b) A description of the project;
(c) An estimate of the expenses for which the company shall seek approval; (d) Supporting documentation, as requested by the authority; and
(e) Any other information requested by the authority.
Effective: March 18, 2005
History: Created 2005 Ky. Acts ch. 168, sec. 37, effective March 18, 2005.
Legislative Research Commission Note (3/18/2005). 2005 Ky. Acts ch. 168, sec. 165, provides that this section shall apply to tax years beginning on or after January 1,
2005.
13A, for approving eligible companies pursuant to KRS § 154.20-200 to KRS § 154.20-216. (2) Relevant standards for approval of eligible companies and economic development
Terms Used In Kentucky Statutes 154.20-202
- 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
projects shall include but are not limited to creditworthiness of the eligible
company, employment opportunities for Kentucky residents, including wages to be paid, whether the project is located in a preference zone, whether the eligible company is participating in other incentive programs pursuant to KRS Chapter 154 for the project, and the likelihood that the project will be an economic success. An eligible company with an economic development project located in a preference zone shall be given priority for approval.
(3) An eligible company shall certify to the authority, by written application provided by the authority, the following:
(a) That the company is making a minimum investment of one hundred thousand dollars ($100,000) in the project, if the project is located in a preference zone or five hundred thousand dollars ($500,000) in the project, if the project is not located in a preference zone;
(b) A description of the project;
(c) An estimate of the expenses for which the company shall seek approval; (d) Supporting documentation, as requested by the authority; and
(e) Any other information requested by the authority.
Effective: March 18, 2005
History: Created 2005 Ky. Acts ch. 168, sec. 37, effective March 18, 2005.
Legislative Research Commission Note (3/18/2005). 2005 Ky. Acts ch. 168, sec. 165, provides that this section shall apply to tax years beginning on or after January 1,
2005.