Kentucky Statutes 154.26-095 – Authority and Department of Revenue to report to Interim Joint Committee on Appropriations and Revenue
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By July 1, 2019, and by each July 1 thereafter, the authority and the Department of Revenue shall jointly provide a report to the Interim Joint Committee on Appropriations and Revenue for each project approved under this subchapter. The report shall contain the following information:
(1) The name of each approved company and the location of each economic revitalization project;
(2) The amount of approved costs for each economic revitalization project; (3) The date the agreement was approved;
(4) Whether an assessment fee authorized by KRS § 154.26-100 was a part of the agreement;
(5) The number of employees employed in manufacturing, the number of employees employed in coal mining and processing, or the number of employees employed in agribusiness operations;
(6) Whether the project was a supplemental project; and
(7) By taxable year, the amount of tax credit claimed on the taxpayer’s return, any amount denied by the department, and the amount of any tax credit remaining to be carried forward.
Effective: June 27, 2019
History: Amended 2019 Ky. Acts ch. 151, sec. 67, effective June 27, 2019. — Created
2018 Ky. Acts ch. 171, sec. 95, effective April 14, 2018; and ch. 207, sec. 95, effective April 27, 2018
Legislative Research Commission Note (6/27/2019). Section 85 of 2019 Ky. Acts ch.
151 states that the amendments to this statute made in Section 67 of that Act apply retroactively to April 14, 2018.
Legislative Research Commission Note (4/27/2018). This statute was created by 2018
Ky. Acts ch. 171, sec. 95 and ch. 207, sec. 95, which are nearly identical and have been codified together.
(1) The name of each approved company and the location of each economic revitalization project;
Terms Used In Kentucky Statutes 154.26-095
- Approved 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 an economic revitalization project. See Kentucky Statutes 154.26-010 - Authority: means the Kentucky Economic Development Finance Authority created by KRS §. See Kentucky Statutes 154.26-010
- Coal mining and processing: means activities resulting in the eligible company being subject to the tax imposed by KRS Chapter 143. See Kentucky Statutes 154.26-010
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
- Manufacturing: means any activity involving the manufacturing, processing, assembling, or production of any property, including the processing that results in a change in the condition of the property and any related activity or function, together with the storage, warehousing, distribution, and related office facilities. See Kentucky Statutes 154.26-010
- 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
- Statute: A law passed by a legislature.
- Supplemental project: means an additional investment in an approved economic revitalization project proposed during, or within sixty (60) months after the expiration of, the initial term of an agreement, and which may be approved by the authority for additional inducements as set forth in KRS §. See Kentucky Statutes 154.26-010
- Year: means calendar year. See Kentucky Statutes 446.010
(2) The amount of approved costs for each economic revitalization project; (3) The date the agreement was approved;
(4) Whether an assessment fee authorized by KRS § 154.26-100 was a part of the agreement;
(5) The number of employees employed in manufacturing, the number of employees employed in coal mining and processing, or the number of employees employed in agribusiness operations;
(6) Whether the project was a supplemental project; and
(7) By taxable year, the amount of tax credit claimed on the taxpayer’s return, any amount denied by the department, and the amount of any tax credit remaining to be carried forward.
Effective: June 27, 2019
History: Amended 2019 Ky. Acts ch. 151, sec. 67, effective June 27, 2019. — Created
2018 Ky. Acts ch. 171, sec. 95, effective April 14, 2018; and ch. 207, sec. 95, effective April 27, 2018
Legislative Research Commission Note (6/27/2019). Section 85 of 2019 Ky. Acts ch.
151 states that the amendments to this statute made in Section 67 of that Act apply retroactively to April 14, 2018.
Legislative Research Commission Note (4/27/2018). This statute was created by 2018
Ky. Acts ch. 171, sec. 95 and ch. 207, sec. 95, which are nearly identical and have been codified together.