Terms Used In Kentucky Statutes > Chapter 154 > Subchapter 25 - Kentucky Jobs Retention Act Program

• Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
• Activation date: means a date selected by an approved company and set forth in the jobs retention agreement at any time within a three (3) year period after the date of final approval of the agreement by the authority upon which the required investment shall be made and the jobs retention project completed. See Kentucky Statutes 154.25-010
• Agreement: means a jobs retention agreement entered into pursuant to KRS
  154. See Kentucky Statutes 154.25-010
• 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 any eligible company approved by the authority pursuant to KRS §. See Kentucky Statutes 154.25-010
• Approved costs: means that portion of the eligible costs approved by the authority that an approved company may recover through the inducements authorized by KRS §. See Kentucky Statutes 154.25-010
• Authority: means the Kentucky Economic Development Finance Authority created by KRS §. See Kentucky Statutes 154.25-010
• 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
• Commonwealth: means the Commonwealth of Kentucky. See Kentucky Statutes 154.25-010
• 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.
• Eligible company: means any corporation, limited liability company, partnership, limited partnership, sole proprietorship, business trust, or any other entity that has been operating within the Commonwealth on a continuous basis for at least sixty (60) months preceding the request for approval by the authority of the project which meets the standards set forth in KRS §. See Kentucky Statutes 154.25-010
• Eligible costs: means :
  (a) Obligations incurred for labor and to vendors, contractors, subcontractors, builders, suppliers, deliverymen, and materialmen in connection with the acquisition, construction, equipping, rehabilitation, and installation of a
  jobs retention project. See Kentucky Statutes 154.25-010
• Federal: refers to the United States. See Kentucky Statutes 446.010
• Final approval: means the action taken by the authority authorizing the eligible company to receive inducements under this subchapter. See Kentucky Statutes 154.25-010
• Inducements: means the Kentucky tax credit and the wage assessment fee as prescribed in KRS §. See Kentucky Statutes 154.25-010
• 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.
• Kentucky gross profits: means Kentucky gross profits as defined in KRS
  141. See Kentucky Statutes 154.25-010
• Kentucky gross receipts: means Kentucky gross receipts as defined in KRS
  141. See Kentucky Statutes 154.25-010
• 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: includes both general and limited partnerships. See Kentucky Statutes 446.010
• Preliminary approval: means the action taken by the authority conditioning final approval by the authority upon satisfaction by the eligible company of the
  requirements under this subchapter. See Kentucky Statutes 154.25-010
• project: means the acquisition, construction, and installation of new equipment and, with respect thereto, the construction, rehabilitation, and installation of improvements to facilities necessary to house the acquisition, construction, and installation of new equipment, including surveys. See Kentucky Statutes 154.25-010
• real estate: includes lands, tenements, and hereditaments and all rights thereto and interest therein, other than a chattel interest. See Kentucky Statutes 446.010
• 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.
• 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
• Statute: A law passed by a legislature.
• Supplemental project: means an additional jobs retention project proposed by the approved company or its affiliate during the term of a previously approved jobs retention project, which may be included in the jobs retention agreement by way of amendment and which may result in increased inducements and an extension of the original project term as set forth in KRS §. See Kentucky Statutes 154.25-010
• Transferred credits: means unused approved costs as determined by the Department of Revenue from a previously approved, independent, active project under a different incentive program governed by the Cabinet for Economic Development that may be transferred to a jobs retention project and used by the approved company pursuant to a jobs retention agreement. See Kentucky Statutes 154.25-010
• 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
• Year: means calendar year. See Kentucky Statutes 446.010