Kentucky Rural Economic Development Act
Kentucky · Development · §§ 154.22-010 to 154.22-102 · 14 sections
Overview
This act establishes a state incentive program aimed at encouraging business investment and job creation in qualifying rural or economically distressed counties. A state economic development authority certifies which counties qualify, selects eligible companies, and enters tax incentive agreements with approved companies that offer inducements including credits against state income tax and an assessment based on the gross wages of employees at the approved project. The act also governs the terms of those agreements — time limits and extensions, assignment, documentation of qualifying expenditures, and suspension of inducements or other remedies when an approved company fails to comply — and provides for how outstanding projects are treated once the program stops accepting new applications.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
Sections covered
- KRS 154.22-010Definitions for KRS 154.22-010 to 154.22-080
- KRS 154.22-020Legislative findings
- KRS 154.22-030Repealed, 1996
- KRS 154.22-040Certification of qualified counties -- Loss of certification -- Coal-producing counties qualified for electric generation -- Selection of eligible companies under Rural Economic Development Assistance Program -- Limitation of applicability to nonprofit corporations with handicapped and sheltered workers
- KRS 154.22-050Tax incentive agreements between authority and approved companies -- Time limits -- Extensions -- Tax credits and assessments as inducements for approved companies -- Assignment of tax incentive agreement -- Documentation of expenditures -- Suspension of inducements -- Authority's remedies in case of failure to comply -- Activation date
- KRS 154.22-055Repealed, 2000
- KRS 154.22-060Determination of income tax credit by Department of Revenue
- KRS 154.22-070Assessment based on employee's gross wages -- Credits against Kentucky income tax
- KRS 154.22-080Application of law prior to July 15, 1994, in certain circumstances
- KRS 154.22-081Short title for KRS 154.22-010 to 154.22-080
- KRS 154.22-083Deadline for new applications -- Governing law for outstanding approved projects
- KRS 154.22-090Repealed, 2002
- KRS 154.22-100Approved company's ability to elect to reduce job assessment fee rate imposed prior to July 15, 1996
- KRS 154.22-102Application of statutes to companies that are approved and that enter into agreements by certain dates
Enacted in other states
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