Title XII, Conservation and State Development

(1) There are hereby established in the Treasury of the Commonwealth trust funds for each area of responsibility for which it was established, and to which shall be credited all funds appropriated by the General Assembly to the authority for the purposes of this chapter, together…

The authority may cause to be established, by any number of natural persons not in excess of fifteen (15), a Kentucky nonprofit corporation which shall have as its purpose the insurance of mortgage loans entered into by and between lenders and persons or corporations located in K…

The insurance corporation shall be empowered by its articles: (1) To contract with the authority to insure loans, bonds or their debt service, made by any lender or issuer to finance the acquisition, construction or alteration of any eligible project; (2) To enter into agreements…

The insurance provided by the insurance corporation shall be payable solely from the trust account established by the insurance corporation under the terms of KRS 154.20-530, and shall not constitute a debt or pledge of the faith and credit of the Commonwealth or any of its agenc…

The authority shall not recommend to the insurance corporation, and the insurance corporation shall not approve the insurance of any loan or bond under its contract with the authority, if the insurance of such loan or bond will result in a total commitment by the insurance corpor…

Any contract between the authority and the insurance corporation shall contain provisions for the recapture by the authority of any profits made by the insurance corporation; but such recapture may be delayed indefinitely if the continued use of funds so derived by the insurance …

As used in KRS 154.20-580 to 154.20-589: (1) "Approved costs" may include, as approved by the qualified lender: (a) Obligations incurred for labor and materials in connection with the acquisition, construction, equipping, rehabilitation, and installation of an eligible company; (…

(1) A qualified lender of a commercial loan to an eligible company shall not be eligible to apply for inducements until final approval has been made by the qualified lender and funding has been completed in accordance with the commercial loan. (2) Commercial loan proceeds shall b…

(1) The eligible company shall: (a) Apply for all other available assistance that is not a commercial loan, including disaster relief assistance and insurance proceeds; (b) Notify the qualified lenders immediately upon application of other assistance; and (c) Provide an update on…

(1) (a) There is hereby established in the State Treasury a trust and agency account to be known as the western Kentucky risk assistance fund. (b) The fund shall be maintained by the Cabinet for Economic Development. (c) Amounts deposited in the fund shall be used as required und…

The General Assembly finds and declares that the purpose of KRS 154.21-010 to 154.21- 040 is to support economic development and job growth across this Commonwealth. In enacting this legislation, it is the intention of the General Assembly to enable the Cabinet for Economic Devel…

As used in KRS 154.21-010 to 154.21-040: (1) "Cabinet" means the Cabinet for Economic Development; (2) "County population ranking" means the score of each county determined by the cabinet under KRS 154.21-017; (3) "Eligible grant recipient" means a grant applicant that is a local…

Grant criteria -- County population ranking and local match for eligible projects -- Limitations -- Maximum amount -- Pooling of funds -- Report. (1) The Kentucky Product Development Initiative of 2024 is hereby established under the cabinet. The cabinet shall partner with the Ke…

Funds -- Maximum amount. (1) The Kentucky Product Development Initiative of 2022 is hereby established under the cabinet. The cabinet shall partner with the Kentucky Association for Economic Development to administer the program. The cabinet's administration of the program includ…

(1) (a) To participate in the Kentucky Product Development Initiative, grant applicants shall submit an application to the Kentucky Association for Economic Development that will be received by or shared with the third-party independent site selection consultant for review. (b) G…

(1) In the implementation of the Kentucky Product Development Initiative, the Kentucky Association for Economic Development shall: (a) Process the grant applications; (b) Determine whether a grant applicant is an eligible grant recipient and seeking a grant for an eligible projec…

Transportation -- Utilities. (1) The Kentucky Association for Economic Development shall evaluate each applicant's eligible project according to the criteria described in this section and KRS 154.21-040 for the purposes of compiling a recommendation and score for the eligible pro…

(1) In the administration of the Kentucky Product Development Initiative, the Kentucky Association for Economic Development, via a third-party independent site selection consultant, shall develop a scoring system for the project and the project site proposed by each grant applica…

Catchline at repeal: Declaration of purpose.

The following words and terms as used in KRS 154.22-010 to 154.22-080, unless the context clearly indicates a different meaning, shall have the following meanings: (1) "Activation date" means a date selected by an approved company in the tax incentive agreement at any time within…

(1) The General Assembly hereby finds and declares that the general welfare and material well-being of citizens of the Commonwealth, and particularly those residing in qualified counties, depends in large measure upon the development and growth of industry in the Commonwealth. (2…

Catchline at repeal: Powers of authority.

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. (1) Each year, the authority shall, un…

- 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. The aut…

Catchline at repeal: Financing agreement -- Adoption -- Publication.

(1) The approved company shall be entitled to a credit against the Kentucky tax liability mandated by KRS Chapter 141, as determined under KRS 141.347. The credit shall be equal to the total amount of the tax liability, and together with the aggregate assessments not to exceed th…

Kentucky income tax. (1) The approved company or, with the authority's consent, an affiliate of the approved company may require that each employee subject to state tax imposed by KRS 141.020, as a condition of employment, agree to pay an assessment, equal to four percent (4%) of…

If the authority adopts a preliminary resolution designating an eligible company as an approved company and preliminarily approving the project of the eligible company as an economic development project prior to July 15, 1994, and the authority adopts a final resolution approving…

KRS 154.22-010 to 154.22-080 shall be known as the Kentucky Rural Economic Development Act.

approved projects. New applications shall not be accepted or considered under this subchapter on or after June 26, 2009. All outstanding projects with preliminary or final approval under this subchapter as of June 26, 2009, shall continue to be governed by the provisions of this …

Catchline at repeal: Exemption of approved company from application of certain statutes.

imposed prior to July 15, 1996. (1) If an approved company's financing agreement in effect prior to July 15, 1996, stipulates that the approved company elects to impose a six percent (6%) job development assessment fee pursuant to KRS 154.22-070 as in effect prior to July 15, 199…

into agreements by certain dates. If the authority adopts a preliminary resolution designating an eligible company as an approved company and preliminarily approving the project of the eligible company as an economic development project prior to July 15, 2002, and the authority a…

Catchline at repeal: Definition.

Catchline at repeal: Authority to apply for assistance.

The following words and terms, unless the context clearly indicates a different meaning, shall have the following respective meanings in KRS 154.24-010 to 154.24-150: (1) "Affiliate" has the same meaning as in KRS 154.22-010; (2) "Agreement" means the service and technology agree…

(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 here…

Catchline at repeal: Kentucky Jobs Development Authority.

Catchline at repeal: Powers of authority.

The secretary of the Cabinet for Economic Development shall provide sufficient personnel to the authority to permit it to adequately discharge its duties and responsibilities described in KRS 154.24-010 to 154.24-150.

No director or officer of the authority shall be subject to any personal liability or accountability by reason of his execution of any service and technology agreement on behalf of the authority.

The authority may accept moneys which may be appropriated by the General Assembly, or moneys which may be received from any other source, including, but not limited to, income from the authority's operations; and expend funds consistent with its purposes, including, but not limit…

(1) No director, officer, or employee of the authority shall be interested, directly or indirectly, or shall be an officer or employee of, or have an ownership interest in, any firm or corporation interested, directly or indirectly, in any contract with the authority. (2) Should …

companies. The authority shall promulgate administrative regulations in accordance with KRS Chapter 13A, regarding the approval of eligible companies and economic development projects conducted by those companies. The criteria for approval of eligible companies and economic devel…

companies. (1) With respect to each eligible company making an application to the authority for inducements, and with respect to the economic development project described in the eligible company's application, the authority shall request materials and make all inquiries respecti…

(1) The approved company shall be entitled to a tax credit equal to one hundred percent (100%) of the income tax and one hundred percent (100%) of the limited liability entity tax imposed by KRS 141.0401 that would otherwise be due to the Commonwealth by the approved company attr…

development project -- Contents. Before any approved company is granted inducements as prescribed in KRS 154.24-010 to 154.24-150, a service and technology agreement with respect to the company's economic development project shall be entered into between the authority and the app…

of excess in assessments. (1) Before the end of the first year following the activation date, the authority shall, using data supplied by the approved company, verify and determine the total start- up costs for the approved company's economic development project. The initial appr…

(1) If an eligible company operates an existing service and technology business in Kentucky, and wishes to expand that business within the Commonwealth, the eligible company may submit an application to the authority to become an approved company and eligible for the inducements …

technology agreement -- Alternative inducements offered -- Assessment fees. (1) Before any agreement as prescribed in KRS 154.24-120 shall become effective, the legislative body of any local jurisdiction which may lose revenue as a result of the inducements offered pursuant to KR…