Kentucky Statutes 154.20-230 – Definitions for KRS 154.20-230 to 154.20-240
Current as of: 2024 | Check for updates
|
Other versions
As used in KRS § 154.20-230 to KRS § 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 the Kentucky Economic Development Finance Authority; (3) “Commonwealth” means the Commonwealth of Kentucky;
(4) “Credit” means the nonrefundable angel investor tax credit established by KRS
141.396 and awarded by the authority pursuant to KRS § 154.20-236; (5) “Department” means the Department of Revenue;
(6) “Enhanced incentive counties” has the same meaning as in KRS § 154.32-010;
(7) “Entity” means any corporation, limited liability company, business development corporation, partnership, limited partnership, sole proprietorship, association, joint stock company, receivership, trust, professional service organization, or other legal entity through which business is conducted;
(8) “Fee” means a nonrefundable application fee in an amount set by the authority, to be collected by the authority to offset the cost of administering KRS § 154.20-230 to
154.20-240;
(9) “Full-time employee” means a person that is required to work a minimum of thirty- five (35) hours per week and is subject to the tax imposed by KRS § 141.020;
(10) “Knowledge-based” has the same meaning as in KRS § 164.6011;
(11) (a) “Qualified activity” means any knowledge-based activity related to the new economy focus areas of the Office of Entrepreneurship and Innovation, including but not limited to:
1. Bioscience;
2. Environmental and energy technology;
3. Health and human development;
4. Information technology and communications; and
5. Materials science and advanced manufacturing.
(b) A “qualified activity” does not include any activity principally engaged in by financial institutions, commercial development companies, credit companies, financial or investment advisors, brokerage or financial firms, other investment funds or investment fund managers, charitable and religious institutions, oil and gas exploration companies, insurance companies, residential housing developers, retail establishments, or any activity that the authority determines in its discretion to be against the public interest, against the purposes of KRS § 154.20-230 to KRS § 154.20-240, or in violation of any law. Notwithstanding this paragraph, an entity involved in other technological advances may be deemed to be engaged in qualified activity, as determined by the executive director of the Office of Entrepreneurship and Innovation;
(12) “Qualified investment” means an investment meeting the requirements of KRS
154.20-234 for qualified investments, and certified pursuant to KRS § 154.20-236;
(13) “Qualified investor” means an individual investor meeting the requirements of KRS
154.20-234 for qualified investors, and certified pursuant to KRS § 154.20-236; and
(14) “Qualified small business” means an entity meeting the requirements of KRS
154.20-234 for qualified small businesses, and certified pursuant to KRS § 154.20-
236.
Effective: June 29, 2023
History: Amended 2023 Ky. Acts ch. 75, sec. 16, effective June 29, 2023. — Amended
2021 Ky. Acts ch. 185, sec. 109, effective June 29, 2021. — Amended 2018 Ky. Acts ch. 199, sec. 22, effective July 14, 2018. — Created 2014 Ky. Acts ch. 102, sec. 21, effective July 15, 2014.
Legislative Research Commission Note (7/15/2014). In codification, the Reviser of Statutes has altered the numbering within subsection (11) of this statute from the way it appeared in 2014 Ky. Acts ch. 102, sec. 21, under the authority of KRS
7.136(1)(c).
(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;
Terms Used In Kentucky Statutes 154.20-230
- Authority: means the Kentucky Economic Development Finance Authority, consisting of a committee as set forth in KRS §. See Kentucky Statutes 154.1-010
- Commonwealth: means the Commonwealth of Kentucky. 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
- 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: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- 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
- 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
- Statute: A law passed by a legislature.
(2) “Authority” means the Kentucky Economic Development Finance Authority; (3) “Commonwealth” means the Commonwealth of Kentucky;
(4) “Credit” means the nonrefundable angel investor tax credit established by KRS
141.396 and awarded by the authority pursuant to KRS § 154.20-236; (5) “Department” means the Department of Revenue;
(6) “Enhanced incentive counties” has the same meaning as in KRS § 154.32-010;
(7) “Entity” means any corporation, limited liability company, business development corporation, partnership, limited partnership, sole proprietorship, association, joint stock company, receivership, trust, professional service organization, or other legal entity through which business is conducted;
(8) “Fee” means a nonrefundable application fee in an amount set by the authority, to be collected by the authority to offset the cost of administering KRS § 154.20-230 to
154.20-240;
(9) “Full-time employee” means a person that is required to work a minimum of thirty- five (35) hours per week and is subject to the tax imposed by KRS § 141.020;
(10) “Knowledge-based” has the same meaning as in KRS § 164.6011;
(11) (a) “Qualified activity” means any knowledge-based activity related to the new economy focus areas of the Office of Entrepreneurship and Innovation, including but not limited to:
1. Bioscience;
2. Environmental and energy technology;
3. Health and human development;
4. Information technology and communications; and
5. Materials science and advanced manufacturing.
(b) A “qualified activity” does not include any activity principally engaged in by financial institutions, commercial development companies, credit companies, financial or investment advisors, brokerage or financial firms, other investment funds or investment fund managers, charitable and religious institutions, oil and gas exploration companies, insurance companies, residential housing developers, retail establishments, or any activity that the authority determines in its discretion to be against the public interest, against the purposes of KRS § 154.20-230 to KRS § 154.20-240, or in violation of any law. Notwithstanding this paragraph, an entity involved in other technological advances may be deemed to be engaged in qualified activity, as determined by the executive director of the Office of Entrepreneurship and Innovation;
(12) “Qualified investment” means an investment meeting the requirements of KRS
154.20-234 for qualified investments, and certified pursuant to KRS § 154.20-236;
(13) “Qualified investor” means an individual investor meeting the requirements of KRS
154.20-234 for qualified investors, and certified pursuant to KRS § 154.20-236; and
(14) “Qualified small business” means an entity meeting the requirements of KRS
154.20-234 for qualified small businesses, and certified pursuant to KRS § 154.20-
236.
Effective: June 29, 2023
History: Amended 2023 Ky. Acts ch. 75, sec. 16, effective June 29, 2023. — Amended
2021 Ky. Acts ch. 185, sec. 109, effective June 29, 2021. — Amended 2018 Ky. Acts ch. 199, sec. 22, effective July 14, 2018. — Created 2014 Ky. Acts ch. 102, sec. 21, effective July 15, 2014.
Legislative Research Commission Note (7/15/2014). In codification, the Reviser of Statutes has altered the numbering within subsection (11) of this statute from the way it appeared in 2014 Ky. Acts ch. 102, sec. 21, under the authority of KRS
7.136(1)(c).