Kentucky Statutes 154.24-150 – Approval of application by local jurisdiction under service and technology agreement — Alternative inducements offered — Assessment fees
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(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 KRS § 154.24-010 to KRS § 154.24-150 and which assesses a local occupational license fee shall approve by official action the granting of inducements to the approved company. If a local jurisdiction which satisfies the requirements of the previous sentence of this subsection does not approve the granting of the inducements or does not elect to provide in lieu of credits as described in subsection (2) of this section, then an approved company shall not be permitted to impose assessments against the wages of its employees.
(2) Subject to the prior written approval of the authority of any proposed in lieu of credits, the local government may elect, by vote of its legislative body, to provide for in lieu of credits for the approved company and its economic development project.
(3) If the local government elects to provide in lieu of credits as described in subsection (2) of this section, the assessment authorized by KRS § 154.24-110 shall be four percent (4%), one hundred percent (100%) of which shall be permitted as a credit against Kentucky income tax withheld pursuant to KRS § 141.350.
(4) If a local jurisdiction in which the economic development project is to be located does not assess a local occupational license fee and does not elect to provide in lieu of credits as described in subsection (2) of this section, the assessment authorized by KRS § 154.24-110 shall be four percent (4%), one hundred percent (100%) of which shall be permitted as a credit against Kentucky income tax withheld pursuant to KRS to KRS § 141.350.
(5) If a local jurisdiction in which the economic development project is to be located, approves the inducements in accordance with subsection (1) of this section, assesses less than a one percent (1%) local occupational license fee, and does not elect to provide in lieu of credits as described in subsection (2) of this section, then 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 a service and technology job creation assessment fee as prescribed in KRS § 154.24-110(2) or (3), as applicable, provided that each employee paying the assessment shall only be entitled to credits against his Kentucky income tax as prescribed in KRS § 154.24-
110(2)(a) or (3), as applicable and to credits against his local occupational license fee to the extent of the local occupational license fee collected by the local jurisdiction.
(6) If a local jurisdiction in which the economic development project is to be located does not assess a local occupational license fee and elects to provide in lieu of credits as described in subsection (2) of this section, then the assessment shall be in accordance with subsection (3) of this section.
(7) Subsection (4) of this section shall apply only to those approved companies which enter into service and technology agreements with the authority after July 15, 1996.
Effective: July 14, 2000
History: Amended 2000 Ky. Acts ch. 300, sec. 21, effective July 14, 2000. — Amended
1996 Ky. Acts ch. 194, secs. 42 and 43, effective July 15, 1996. — Amended 1994
Ky. Acts ch. 450, sec. 20, effective July 15, 1994. – Created 1992 Ky. Acts ch. 358, sec. 15, effective July 14, 1992.
(2) Subject to the prior written approval of the authority of any proposed in lieu of credits, the local government may elect, by vote of its legislative body, to provide for in lieu of credits for the approved company and its economic development project.
Terms Used In Kentucky Statutes 154.24-150
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Authority: means the Kentucky Economic Development Finance Authority, consisting of a committee as set forth in KRS §. See Kentucky Statutes 154.1-010
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- 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.
- 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
- State: means the Commonwealth of Kentucky. See Kentucky Statutes 154.1-010
(3) If the local government elects to provide in lieu of credits as described in subsection (2) of this section, the assessment authorized by KRS § 154.24-110 shall be four percent (4%), one hundred percent (100%) of which shall be permitted as a credit against Kentucky income tax withheld pursuant to KRS § 141.350.
(4) If a local jurisdiction in which the economic development project is to be located does not assess a local occupational license fee and does not elect to provide in lieu of credits as described in subsection (2) of this section, the assessment authorized by KRS § 154.24-110 shall be four percent (4%), one hundred percent (100%) of which shall be permitted as a credit against Kentucky income tax withheld pursuant to KRS to KRS § 141.350.
(5) If a local jurisdiction in which the economic development project is to be located, approves the inducements in accordance with subsection (1) of this section, assesses less than a one percent (1%) local occupational license fee, and does not elect to provide in lieu of credits as described in subsection (2) of this section, then 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 a service and technology job creation assessment fee as prescribed in KRS § 154.24-110(2) or (3), as applicable, provided that each employee paying the assessment shall only be entitled to credits against his Kentucky income tax as prescribed in KRS § 154.24-
110(2)(a) or (3), as applicable and to credits against his local occupational license fee to the extent of the local occupational license fee collected by the local jurisdiction.
(6) If a local jurisdiction in which the economic development project is to be located does not assess a local occupational license fee and elects to provide in lieu of credits as described in subsection (2) of this section, then the assessment shall be in accordance with subsection (3) of this section.
(7) Subsection (4) of this section shall apply only to those approved companies which enter into service and technology agreements with the authority after July 15, 1996.
Effective: July 14, 2000
History: Amended 2000 Ky. Acts ch. 300, sec. 21, effective July 14, 2000. — Amended
1996 Ky. Acts ch. 194, secs. 42 and 43, effective July 15, 1996. — Amended 1994
Ky. Acts ch. 450, sec. 20, effective July 15, 1994. – Created 1992 Ky. Acts ch. 358, sec. 15, effective July 14, 1992.