Kentucky Industrial Development Act
Kentucky · Development · §§ 154.28-010 to 154.28-140 · 17 sections
Overview
The act governs a state industrial development incentive program administered by a public authority, and sets out that body's basic governance — staffing, funding, conflict-of-interest restrictions, and the personal liability of its directors and officers. It establishes standards the authority applies in approving eligible companies and projects, and authorizes it to enter into agreements with approved companies that fix time limits, identify eligible project costs (including costs of remediating property), require documentation of expenditures, and give the authority remedies, including suspension of benefits, if a company fails to comply. The inducements themselves run through the tax system: tax credits for approved companies plus an assessment on the gross wages of employees at approved projects with corresponding credits for those employees, administered with the state revenue agency.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
In the courts
Sections of this act have been cited in 1 court decision.
Most-cited authority: 365 SW3D 199 - Hancock v. Prestonsburg Industrial Corp.
Sections covered
- KRS 154.28-010Definitions for KRS 154.28-010 to 154.28-1001 cite
- KRS 154.28-015Legislative findings
- KRS 154.28-020Repealed, 1994
- KRS 154.28-030Repealed, 1996
- KRS 154.28-040Staff
- KRS 154.28-050Personal liability of director or officer
- KRS 154.28-060Funding for authority
- KRS 154.28-070Personal interest of director, officer, or employee in contract with authority
- KRS 154.28-080Standards for approval of eligible companies and projects -- Authorizing resolution
- KRS 154.28-090Agreements between authority and approved companies -- Time limits -- Tax credits and assessments as inducements for approved companies -- Assignment of agreement -- Documentation of expenditures -- Suspension of inducements -- Authority's remedies in case of failure to comply -- Activation date -- Duties of Department of Revenue
- KRS 154.28-100Application of law prior to July 15, 1994, in certain circumstances
- KRS 154.28-101Short title for KRS 154.28-010 to 154.28-100
- KRS 154.28-105Deadline for new applications -- Governing law for outstanding approved projects
- KRS 154.28-110Assessment based on employee's gross wages -- Employee tax credits
- KRS 154.28-120Repealed, 2002
- KRS 154.28-130Costs of remediation of property as eligible costs
- KRS 154.28-140Application of subchapter to companies that are approved and that enter into agreements by certain dates
Enacted in other states
Download
Copy
Embed on your site
Hover to preview · click to copy the code