Title XII, Conservation and State Development

company -- Transfer of designation as approved company. (1) The total tax refund incentive available for commitment by the authority for all projects, for each fiscal year, shall not exceed twenty million dollars ($20,000,000) for building and construction materials and five mill…

Administrative regulations. (1) Notwithstanding any provision of KRS 139.770 to the contrary, an approved company under the terms of KRS 154.20-200 to 154.20-216 may receive a tax refund of sales and use tax paid on approved expenses for the cost of building and construction mate…

company. (1) An eligible company may apply to be designated an approved company under KRS 154.20-200 to 154.20-216 by the authority on and after October 1, 2005. (2) No approvals under KRS 154.20-200 to 154.20-216 shall be effective before January 1, 2006.

Before any approved company is granted inducements as provided in KRS 154.20-200 to 154.20-216, an agreement with respect to the company's economic development project shall be entered into between the authority and the approved company. The terms and provisions of the agreement,…

Records Act. The contents of a company's filings under KRS 154.20-200 to 154.20-216 shall be subject to the Kentucky Open Records Act, KRS 61.870 to 61.884.

Governor. The authority shall annually submit a complete and detailed report of the use of the incentives and participation of approved companies under KRS 154.20-200 to 154.20- 216 within one hundred twenty (120) days after the end of each fiscal year to the Legislative Research…

KRS 154.20-200 to 154.20-216 shall be known as the Kentucky Enterprise Initiative Act.

As used in KRS 154.20-220 to 154.20-229: (1) "Affiliate" means the following: (a) Members of a family, including only brothers and sisters of the whole or half blood, spouse, ancestors, and lineal descendants of an individual; (b) An individual, and a corporation more than fifty …

(1) The purposes of KRS 154.20-220 to 154.20-229 are to: (a) Provide incentives for an approved company with a qualified data center project; (b) Encourage the location of data centers within the Commonwealth; and (c) Advance the public purposes of the: 1. Creation of new jobs th…

(1) The application, approval, and review process under KRS 154.20-220 to 154.20- 229 shall be as follows. (a) An eligible company with a proposed data center project may submit an application to the authority detailing the proposed data center project; (b) Upon review of the app…

(1) The authority shall not approve a proposed data center project that otherwise meets the requirements of KRS 154.20-220 to 154.20-229 if the proposed data center project will result in the replacement of facilities existing in the state, except as provided in this section. (2)…

The authority, with preliminary approval of an eligible company, may execute a memorandum of agreement with the eligible company. The terms and conditions of the memorandum of agreement shall be negotiated between the authority and the company. The terms of the memorandum of agre…

As used in KRS 154.20-230 to 154.20-240: (1) "Application" means a document submitted by small businesses and investors, on a form supplied by the authority, for the purpose of requesting certification to participate in the program and to apply for a credit; (2) "Authority" means…

(1) KRS 154.20-230 to 154.20-240 shall be known as the "Kentucky Angel Investment Act." (2) The purpose of KRS 141.396 and 154.20-230 to 154.20-240 is to encourage capital investment in the Commonwealth by individual investors that will further the establishment or expansion of s…

July 15, 2026) (1) The requirements for small businesses, investors, and investments to be qualified for participation in the Angel Investor Program are as follows: (a) To be certified as a qualified small business, the business shall demonstrate to the authority that it is an en…

regulations -- Contract for administration and management of certification and application procedure. (1) The total amount of credit that may be awarded by the authority in each calendar year, pursuant to KRS 154.20-230 to 154.20-240, to: (a) All qualified investors shall be no m…

reports. (1) No later than the earlier of: (a) Eighty (80) days following the date of credit approval, including weekends and holidays; or (b) December 31 of the calendar year of the approval; The qualified investor shall make the qualified investment and provide proof of the qua…

(1) On or before February 1 of the calendar year succeeding the year in which a credit was awarded, and continuing for four (4) years thereafter, a qualified small business that has received a qualified investment shall file an annual report with the authority. (2) (a) This repor…

The purposes of KRS 154.20-250 to 154.20-284 are to encourage capital investment in the Commonwealth of Kentucky, to encourage the establishment or expansion of small businesses in Kentucky, to provide additional jobs, and to encourage the development of new products and technolo…

Catchline at repeal: Definitions for KRS 154.20-250 to 154.20-284.

As used in KRS 154.20-250 to 154.20-284, unless the context clearly requires otherwise: (1) "Affiliate" means any person or entity who directly or indirectly, through one (1) or more intermediaries, controls or is controlled by or is under common control with another person or en…

manager -- Requirements for investment fund -- Agreement -- Total qualified investments made by fund. (1) (a) The total amount of credits available to any single investment fund awarded credits under KRS 154.20-250 to 154.20-284 shall not exceed, in aggregate: 1. For any calendar…

Documents -- Powers of authority -- Purpose of investment fund -- Criteria for approval -- Disclosure form -- Operation of multiple funds -- Loss of unused credits -- Confidentiality -- Standards. (1) The approval of investment funds and investment fund managers shall be made pur…

Catchline at repeal: Approval of investment funds, cash contributions, and investment fund managers -- Tax credits authorized by KRS 154.20-263 -- Agreement between authority and investment fund manager -- Transfer of funds -- Schedule for investment -- Prohibition against awardi…

Transferability -- Notification of Department of Revenue -- Additional credits. (1) (a) For investment funds approved by the authority prior to January 1, 2023, an investor shall be entitled to a nonrefundable credit equal to forty percent (40%) of the investor's proportional own…

Catchline at repeal: Information that applicant must disclose to authority in application -- Confidentiality of applications -- Power of authority -- Purpose of investment funds -- Criteria for approval of investment fund managers -- Authority for administrative regulations.

(1) To receive the credit provided by KRS 154.20-258, an investor shall claim the credit on the investor's annual state tax returns in the manner prescribed by the Department of Revenue. (2) The contents of an investor's filings under subsection (1) of this section shall be treat…

Catchline at repeal: Fund manager's business office -- Initial capitalization, qualified investments, and other regulations governing fund -- Written disclosure to investors required -- Limitation of Commonwealth's liability.

Department of Revenue. (1) An investment fund that violates the provisions of KRS 154.20-250 to 154.20-284 shall pay to the State Treasurer a penalty in an amount equal to the amount of all credits claimed by the investors when these credits are determined to be derived from unqu…

Catchline at repeal: Investor entitled to nonrefundable tax credit against income tax or corporation license tax -- Authority to carry excess tax credit forward -- Tax credits not transferable and not applicable to interest, penalties, or other additions to investor's tax liabili…

authority -- Confidentiality -- Fee. (1) Each investment fund manager shall file an annual report with the commissioner of the Department of Revenue and with the authority, on or before February 15 of each year during which it manages an investment fund. This report shall include…

Any investment fund approved to make qualified investments pursuant to KRS 154.20- 250 to 154.20-284 prior to July 1, 2002, unless otherwise approved by the authority, shall continue to operate and be granted credits pursuant to the agreement entered into and the rules, regulatio…

Catchline at repeal: Limitations on total amount of tax credits -- Order in which authority approves credits to investors.

Catchline at repeal: Procedure for obtaining tax credit -- Confidentiality of investor's filings.

Catchline at repeal: Disallowance of cash contributions redeemed or withdrawn -- Penalty for failure to invest in small businesses and abatement of penalty -- Personal liability of investors to Revenue Cabinet -- Administration by Revenue Cabinet.

Catchline at repeal: Investment fund manager's reports to Revenue Cabinet and to authority, content and time of filing -- Authority's status reports to General Assembly, content and time of filing -- Confidentiality of reports from investment fund managers to the authority -- Fee…

of Revenue -- Other audits -- Department's powers of enforcement -- Notice of noncompliance -- Examination, investigative, and enforcement powers of securities regulatory organizations. (1) Each year the annual financial statements and annual reports of the investment fund shall …

The Commonwealth, the authority, or any officer, director, official, employee, or agent of the Commonwealth or the authority shall not be liable to any investor, investment fund, or investment fund manager as a result of KRS 154.20-250 to 154.20-284, or any of the activities auth…

(1) An investment fund may be dissolved or liquidated only after notice to the authority in compliance with any applicable state or federal securities laws or regulations. (2) This section shall not prohibit an investment fund from making distributions to investors in compliance …

-- Investment fund manager's limitations on holding management positions in small businesses in which investment fund has invested. (1) No qualified investments shall be made in a small business that is the "alter ego" of the investment fund or the investment fund manager. For pu…

KRS 154.20-250 to 154.20-284 shall be known as the Kentucky Investment Fund Act.

governments -- Transfer of tax credits. Notwithstanding the provisions of KRS 154.20-254, 154.20-255, and 154.20-258, an investment fund approved by the Kentucky Economic Development Finance Authority after July 1, 2004, and otherwise qualified for tax credits pursuant to the Ken…

Catchline at repeal: Short title for KRS 154.20-300 to 154.20-390.

Catchline at repeal: Purposes of KRS 154.20-300 to 154.20-390.

Catchline at repeal: Definitions for KRS 154.20-300 to 154.20-390.

Catchline at repeal: Establishment and operation of fund.

Catchline at repeal: Investment by entity not subject to taxes listed in KRS 154.20-310 and 154.20-360.

Catchline at repeal: Investment tax credits -- Years -- Carryovers.

Catchline at repeal: Maximum credits.

Catchline at repeal: Application of tax credit.