Terms Used In Kentucky Statutes > Chapter 154 > Subchapter 60 - Small Business Tax Credit Program

• Appraisal: A determination of property value.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authority: means the Kentucky Economic Development Finance Authority. See Kentucky Statutes 154.60-010
• Base employment: means :
  (a) For the first application for which credits are approved, the number of full- time employees employed on the day prior to the work start date of the new employee filling the earliest eligible position identified on the application. See Kentucky Statutes 154.60-010
• Cabinet: means the Cabinet for Economic Development as established under KRS
  12. See Kentucky Statutes 154.1-010
• Commonwealth: means the Commonwealth of Kentucky. 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
• Contract: A legal written agreement that becomes binding when signed.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Eligible position: means each position that:
  (a) Is filled by a full-time employee and that increases the total employment of the small business above its base employment. See Kentucky Statutes 154.60-010
• Federal: refers to the United States. See Kentucky Statutes 446.010
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Full-time employee: means a person employed by a small business for at least an average of thirty-five (35) hours per week and subject to the state tax imposed by KRS §. See Kentucky Statutes 154.60-010
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• livestock: means cattle, sheep, swine, goats, horses, alpacas, llamas, buffaloes, and any other animals of the bovine, ovine, porcine, caprine, equine, or camelid species. See Kentucky Statutes 154.1-010
• Month: means calendar month. See Kentucky Statutes 446.010
• Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Partnership: includes both general and limited partnerships. See Kentucky Statutes 446.010
• Person: means an individual, partnership, joint venture, military facility operated by a department or agency of the United States, profit or nonprofit corporation including a public or private college or university, limited liability company, or other entity or association of persons organized for agricultural, commercial, health care, or industrial purposes. See Kentucky Statutes 154.1-010
• Personal property: All property that is not real property.
• Qualifying equipment or technology: means equipment or technology that has been approved by the Office of Entrepreneurship and Innovation. See Kentucky Statutes 154.60-010
• real estate: includes lands, tenements, and hereditaments and all rights thereto and interest therein, other than a chattel interest. See Kentucky Statutes 446.010
• State: means the Commonwealth of Kentucky. See Kentucky Statutes 154.1-010
• Statute: A law passed by a legislature.
• Trustee: A person or institution holding and administering property in trust.
• Year: means calendar year. See Kentucky Statutes 446.010