Terms Used In Kentucky Statutes > Chapter 14A > Subchapter 3 - Business Entity Names

• Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
• Activation date: means :
  (a) For all projects except those described in paragraph (b) of this subsection, the date established any time within a two (2) year period after the commencement date. See Kentucky Statutes 154.30-010
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Agency: means :
  (a) An urban renewal and community development agency established under
  KRS Chapter 99. See Kentucky Statutes 154.30-010
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Approved company: means an eligible company that has received approval from the authority for a sales and use tax incentive under this subchapter. See Kentucky Statutes 154.31-010
• Approved public infrastructure costs: includes but is not limited to costs incurred for the following:
  (a) Land preparation, including demolition and clearance work. See Kentucky Statutes 154.30-010
• Approved signature project costs: means :
  (a) The acquisition of land for portions of the project that are for infrastructure. See Kentucky Statutes 154.30-010
• 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, consisting of a committee as set forth in KRS §. See Kentucky Statutes 154.1-010
• Authority: means the Kentucky Economic Development Finance Authority. See Kentucky Statutes 154.31-010
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Board: means the executive board of Shaping Our Appalachian Region, Inc. See Kentucky Statutes 154.33-510
• Business: includes every trade, occupation, and profession. See Kentucky Statutes 14A.1-070
• Business trust: means a business trust governed as to its internal affairs by KRS Chapter 386 or a statutory trust governed as to its internal affairs by KRS Chapter
  386A. See Kentucky Statutes 14A.1-070
• Business trust: includes , except when utilized in KRS Chapter 386, a "statutory trust" as organized under KRS Chapter 386A. See Kentucky Statutes 446.010
• Cabinet: means the Cabinet for Economic Development as established under KRS
  12. See Kentucky Statutes 154.1-010
• Capital investment: means :
  (a) Obligations incurred for labor and to contractors, subcontractors, builders, and materialmen in connection with the acquisition, construction, installation, equipping, and rehabilitation of a project. See Kentucky Statutes 154.30-010
• City: includes town. See Kentucky Statutes 446.010
• Coal severing and processing: means activities resulting in the eligible company being subject to the tax imposed by KRS Chapter 143. See Kentucky Statutes 154.31-010
• Commencement date: means the final approval date or the date on which a tax incentive agreement is executed. See Kentucky Statutes 154.30-010
• Commissioner: means the commissioner of the Department for Local
  Government. See Kentucky Statutes 154.33-510
• Commonwealth: means the Commonwealth of Kentucky. See Kentucky Statutes 154.1-010
• Commonwealth: means the Commonwealth of Kentucky. See Kentucky Statutes 154.30-010
• Commonwealth: means the Commonwealth of Kentucky. See Kentucky Statutes 154.33-510
• 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.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Corporation: means a business corporation governed as to its internal affairs by KRS Chapter 271B, a cooperative or association governed as to its internal affairs by KRS Chapter 272, a nonprofit corporation governed as to its internal affairs by KRS Chapter 273, and a rural electric or rural telephone cooperative corporation governed as to its internal affairs by KRS Chapter 279. See Kentucky Statutes 14A.1-070
• Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
• County: means any county, consolidated local government, charter county, unified local government, or urban-county government. See Kentucky Statutes 154.30-010
• CPI: means the nonseasonally adjusted Consumer Price Index for all urban consumers, all items, base year computed for 1982 to 1984 equals one hundred (100), published by the United States Department of Labor, Bureau of Labor Statistics. See Kentucky Statutes 154.30-010
• Department: means the Department of Revenue. See Kentucky Statutes 154.30-010
• Department: means the Department of Revenue. See Kentucky Statutes 154.31-010
• Development area: means an area established under KRS §. See Kentucky Statutes 154.30-010
• Domestic: when applied to a corporation, partnership, business trust, or limited liability company, means all those incorporated or formed by authority of this state. See Kentucky Statutes 446.010
• Donor: The person who makes a gift.
• Economic development project: means :
  (a) 1. See Kentucky Statutes 154.31-010
• Electronic processing: means the use of technology having electronic, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities, now in existence or later developed to perform a service or technology activity. See Kentucky Statutes 154.31-010
• Eligible company: means any corporation, limited liability company, partnership, limited partnership, sole proprietorship, business trust, or other legal entity with a proposed economic development project that is primarily engaged in or planning to be engaged in one (1) or more of the following activities within the Commonwealth:
  1. See Kentucky Statutes 154.31-010
• Entity: means a corporation, business or statutory trust, partnership, limited partnership, limited liability company, limited cooperative association, or unincorporated nonprofit association, governed as to its internal affairs by the laws of the Commonwealth of Kentucky. See Kentucky Statutes 14A.1-070
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Executive director: means the chief administrator of Shaping Our Appalachian Region, Inc. See Kentucky Statutes 154.33-510
• Federal: refers to the United States. See Kentucky Statutes 446.010
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Fiduciary: A trustee, executor, or administrator.
• Financing costs: means principal, interest, costs of issuance, debt service reserve requirements, underwriting discount, costs of credit enhancement or liquidity instruments, and other costs directly related to the issuance of bonds or debt for approved public infrastructure costs or approved signature project costs for projects approved pursuant to KRS §. See Kentucky Statutes 154.30-010
• 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.
• Footprint: means the actual perimeter of a discrete, identified project within a development area. See Kentucky Statutes 154.30-010
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Foreign: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
• Foreign limited liability partnership: means a partnership that:
  (a) Is formed under laws other than the laws of this Commonwealth. See Kentucky Statutes 14A.1-070
• Governing body: means the body possessing legislative authority in a city or county. See Kentucky Statutes 154.30-010
• Grantor: The person who establishes a trust and places property into it.
• Headquarters: means the principal office where the principal executives of the entity are located and from which other personnel, branches, affiliates, offices, or entities are controlled. See Kentucky Statutes 154.31-010
• Increment bonds: means bonds and notes issued for the purpose of paying the costs of one (1) or more projects. See Kentucky Statutes 154.30-010
• Incremental revenues: means :
  (a) The amount of revenues received by a taxing district, as determined by subtracting old revenues from new revenues in a calendar year with respect to a development area, or a project within a development area. See Kentucky Statutes 154.30-010
• 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.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Limited cooperative association: means a limited cooperative association governed as to its internal affairs by KRS Chapter 272A. See Kentucky Statutes 14A.1-070
• Limited liability partnership: means a partnership that has filed a statement of qualification under KRS §. See Kentucky Statutes 14A.1-070
• Modified new revenues for income tax: means the amount of individual income tax included in state tax revenues that is:
  (a) The result of multiplying the portion of state tax revenues from individual income taxes by the modifier. See Kentucky Statutes 154.30-010
• Modifier: means the result of dividing the individual income tax rate of five percent (5%), in effect as of December 31, 2022, by the individual income tax rate under KRS §. See Kentucky Statutes 154.30-010
• Month: means calendar month. See Kentucky Statutes 446.010
• New revenues: means :
  (a) The amount of local tax revenues received by a taxing district with respect to a development area in any calendar year beginning with the year in which the activation date occurred. See Kentucky Statutes 154.30-010
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Old revenues: means :
  (a) The amount of local tax revenues received by a taxing district with respect to a development area as of December 31 of the year of preliminary approval. See Kentucky Statutes 154.30-010
• Organized: means organized, incorporated, or formed. See Kentucky Statutes 14A.1-070
• Outstanding: means increment bonds that have been issued, delivered, and paid for by the purchaser, except any of the following:
  (a) Increment bonds canceled upon surrender, exchange, or transfer, or upon payment or redemption. See Kentucky Statutes 154.30-010
• 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: means an association of two (2) or more persons to carry on as co- owners a business for profit formed under KRS §. See Kentucky Statutes 14A.1-070
• Partnership: includes both general and limited partnerships. See Kentucky Statutes 446.010
• Person: means an individual, an entity, a foreign entity, or any other legal or commercial entity. See Kentucky Statutes 14A.1-070
• 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.
• Principal office: means the address required by this chapter or the organic act to be of record with the Secretary of State as the principal office, the principal place of business address, the designated office of a limited partnership, or the chief executive office of a limited liability partnership. See Kentucky Statutes 14A.1-070
• Private sector: means any source other than the authority, a state or federal entity,
  or an agency thereof. See Kentucky Statutes 154.1-010
• Project: includes but is not limited to agribusiness, agricultural or forestry production, harvesting, storage, or processing facilities or equipment. See Kentucky Statutes 154.1-010
• Project: means any property, asset, or improvement located in a development area and certified by the governing body as:
  (a) Being for a public purpose. See Kentucky Statutes 154.30-010
• Project term: means the time for which an agreement shall be in effect. See Kentucky Statutes 154.31-010
• real estate: includes lands, tenements, and hereditaments and all rights thereto and interest therein, other than a chattel interest. See Kentucky Statutes 446.010
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• region: means the geographical area of Kentucky contained within the Appalachian region as defined by the federal Appalachian Regional Development Act of 1965, as amended. See Kentucky Statutes 154.33-510
• Regulatory board: means the agency that is charged by law with the licensing and regulation of the practice of the profession which the entity is organized to provide. See Kentucky Statutes 14A.1-070
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Research and development: means experimental or laboratory activity that has as its ultimate goal the development of new products, the improvement of existing products, the development of new uses for existing products, or the development or improvement of methods for producing products. See Kentucky Statutes 154.31-010
• Rural telephone cooperative: means a rural telephone cooperative governed as to its internal affairs by KRS §. See Kentucky Statutes 14A.1-070
• Signature project: means a project approved under KRS §. See Kentucky Statutes 154.30-010
• State: means the Commonwealth of Kentucky. See Kentucky Statutes 154.1-010
• State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
• State real property ad valorem tax: means real property ad valorem taxes levied under KRS §. See Kentucky Statutes 154.30-010
• State tax revenues: means revenues received by the Commonwealth from one (1)
  or more of the following sources:
  (a) State real property ad valorem taxes. See Kentucky Statutes 154.30-010
• Statute: A law passed by a legislature.
• Statutory trust: means a trust governed as to its internal affairs by KRS Chapter
  386A. See Kentucky Statutes 14A.1-070
• Tax incentive agreement: means an agreement entered into in accordance with
  KRS §. See Kentucky Statutes 154.30-010
• Tax revenues: means any revenues received by the Commonwealth directly or indirectly as a result of the industrial improvement project, including state corporate income taxes, the limited liability entity tax imposed by KRS §. See Kentucky Statutes 154.1-010
• Termination date: means :
  (a) For a tax incentive agreement satisfying the requirements of KRS §. See Kentucky Statutes 154.30-010
• Treatment: when used in a criminal justice context, means targeted interventions
  that focus on criminal risk factors in order to reduce the likelihood of criminal behavior. See Kentucky Statutes 446.010
• Trustee: A person or institution holding and administering property in trust.
• Year: means calendar year. See Kentucky Statutes 446.010