§ 154.30-010 Definitions for subchapter
§ 154.30-020 Findings of General Assembly relative to development areas and projects
§ 154.30-030 State tax increment financing participation programs — Application requirements for a local government to request state participation — Authority review requirements — Pledge limitations — Tax incentive agreements required — Independent consult
§ 154.30-040 Commonwealth Participation Program for State Real Property Ad Valorem Tax Revenues — Criteria for state participation — Qualifying expenditures — Pledge limitations — Authority review — Required determinations by the authority — Tax incentive
§ 154.30-050 Signature Project Program — Purpose — Two initiatives — Criteria for state participation — Qualifying expenditures — Authority review — Required determinations by the authority — Pledge limitations — Tax incentive agreement required — Autho
§ 154.30-060 Commonwealth Participation Program for Mixed-Use Redevelopment in Blighted Urban Areas — Definitions — Criteria for state participation — Qualifying expenditures — Authority review — Required determinations by the authority — Pledge limitation
§ 154.30-070 Terms and conditions of tax incentive agreements to be negotiated between authority and agency — Provisions of agreement — Pledge of incremental revenues superior to other pledges of revenues — Renewal and discontinuance of agreement
§ 154.30-080 Requirement that minimal capital investment be made prior to the release of incremental revenues — Escrow account — Cancellation if agency fails to meet minimum investment — Duties of authority to monitor agreements and track revenues
§ 154.30-090 Annual disbursement of tax incremental revenues
lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Kentucky Statutes > Chapter 154 > Subchapter 30 - Tax Increment Financing

  • 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
  • Agency: means :
    (a) An urban renewal and community development agency established under
    KRS Chapter 99. See Kentucky Statutes 154.30-010
  • 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
  • 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
  • Commencement date: means the final approval date or the date on which a tax incentive agreement is executed. See Kentucky Statutes 154.30-010
  • Commonwealth: means the Commonwealth of Kentucky. See Kentucky Statutes 154.30-010
  • 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: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
  • 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.
  • 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
  • Development area: means an area established under KRS §. See Kentucky Statutes 154.30-010
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • 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
  • Footprint: means the actual perimeter of a discrete, identified project within a development area. See Kentucky Statutes 154.30-010
  • Governing body: means the body possessing legislative authority in a city or county. See Kentucky Statutes 154.30-010
  • 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
  • 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
  • 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
  • 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
  • Personal property: All property that is not real property.
  • 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
  • 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.
  • 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.
  • 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 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.
  • 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