Kentucky Statutes 65.501 – Definitions for KRS 65.500 to 65.506
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As used in KRS § 65.500 to KRS § 65.506:
(1) “Affiliated” means the following:
(a) Members of a family, including brothers and sisters of the whole or half blood, spouse, parents, grandparents, ancestors, children, spouses of children, grandchildren, spouses of grandchildren, and other lineal descendants of an individual;
(b) An individual and a corporation, if more than ten percent (10%) in value of the outstanding stock of which is owned, directly or indirectly, by or for that individual;
(c) An individual and a limited liability company or a partnership, if more than ten percent (10%) of the capital interest or profits are owned or controlled, directly or indirectly, by or for that individual; or
(d) An individual and a trust, if the individual is a grantor, fiduciary, or beneficiary of the trust;
(2) “Board” means the board of the West End Opportunity Partnership;
(3) “CPI” means the nonseasonally adjusted United States city average of the Consumer Price Index for all urban consumers for all items, as released by the federal Bureau of Labor Statistics;
(4) “Development area” means a region within a consolidated local government bounded by:
(a) To the south, Algonquin Parkway to the South Seventh Street intersection, but including the unincorporated communities adjacent to Park Duvalle and Algonquin:
1. Beginning at the Ohio River, at the southwest corner of Chickasaw Park and then along the park’s southern boundary to Southwestern Parkway;
2. Southwestern Parkway south to Algonquin Parkway;
3. Algonquin Parkway to South Forty-First Street;
4. South Forty-First Street south to Bells Lane;
5. Bells Lane east to Cane Run Road;
6. Cane Run Road north to Linwood Avenue;
7. Linwood Avenue east to Beech Street;
8. Beech Street south to Wingfield Lane;
9. Wingfield Lane east to Dixie Highway;
10. Dixie Highway north to Algonquin Parkway; and
11. Algonquin Parkway east to South Seventh Street;
(b) To the east, South Seventh Street north to Ninth Street and Ninth Street north to the Ohio River; and
(c) The Ohio River to the north and west;
(5) “Governing body” means the body possessing legislative authority in a consolidated
local government;
(6) “Incremental revenues” means the amount of revenues received by:
(a) A consolidated local government, determined by subtracting old revenues from new revenues in a calendar year with respect to the development area; and
(b) The Commonwealth, determined by subtracting old revenues from new revenues in a calendar year with respect to the development area;
(7) (a) “Local tax revenues” means revenues derived by a consolidated local government from one (1) or more of the following sources:
1. Real property ad valorem taxes, excluding any taxes not assessed while a property is participating in an assessment or reassessment moratorium program under KRS § 99.600; and
2. Occupational license taxes; and
(b) “Local tax revenues” does not mean revenues that have been pledged to support a tax increment financing project established under KRS § 65.490 to
65.499, 65.680 to 65.699, or 65.7041 to 65.7083 or an economic development project within the development area;
(8) “New revenues” means the amount of:
(a) Local tax revenues received by a consolidated local government with respect to the development area in any calendar year beginning with the calendar year described under KRS § 65.504(1); and
(b) State tax revenues received by the Commonwealth with respect to the development area in any calendar year beginning with the calendar year described under KRS § 65.504(1);
(9) “Old revenues” means the amount of:
(a) Local tax revenues received by a consolidated local government with respect to the development area in any calendar year beginning with the calendar year immediately preceding the calendar years described under KRS § 65.504(1); and
(b) State tax revenues received by the Commonwealth with respect to the development area in any calendar year beginning with the calendar year immediately preceding the calendar years described under KRS § 65.504(1).
“Old revenues” shall be adjusted annually to incorporate the percentage change in the CPI. In the first calendar year of the calendar years described under KRS
65.504(1), the calculated amount for the state tax revenues and the local tax revenues shall be adjusted by multiplying each amount by the percentage change in the CPI. For every calendar year thereafter until the expiration of the calendar years described under KRS § 65.504(1), the calculated amount for the state tax revenues and the local tax revenues shall be the previous year’s calculated amount multiplied by the percentage change in the CPI;
(10) “Percentage change in the CPI” means the percentage of change in CPI from one (1)
year to the next based on averaging the twelve (12) consecutive months of CPI data
for each of the two (2) immediately preceding calendar years and then using those two (2) averages to calculate a year-over-year percentage change; and
(11) (a) “State tax revenues” means revenues received by the Commonwealth from one (1) or more of the following sources:
1. State real property ad valorem taxes, excluding any taxes not assessed while a property is participating in an assessment or reassessment moratorium program under KRS § 99.600;
2. Individual income taxes required to be withheld by an employer as required under KRS § 141.310; and
3. Sales taxes levied under KRS § 139.200, excluding sales taxes already pledged for:
a. Approved tourism attraction projects, as defined in KRS § 148.851, within the development area; and
b. Projects which are approved for sales tax refunds under
Subchapter 20 of KRS Chapter 154 within the development area. (b) “State tax revenues” does not mean revenues that have been pledged to
support a tax increment financing project established under KRS § 65.490 to
65.499, 65.680 to 65.699, or 65.7041 to 65.7083 or an economic development project within the development area.
Effective: June 29, 2021
History: Created 2021 Ky. Acts ch. 203, sec. 2, effective June 29, 2021.
Legislative Research Commission Note (6/29/2021). Under the authority of KRS
7.136(1), the Reviser of Statutes has altered the format of the text in subsection (9) of this statute during codification. The words in the text were not changed.
(1) “Affiliated” means the following:
Terms Used In Kentucky Statutes 65.501
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- City: includes town. See Kentucky Statutes 446.010
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Fiduciary: A trustee, executor, or administrator.
- Grantor: The person who establishes a trust and places property into it.
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- 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.
- Year: means calendar year. See Kentucky Statutes 446.010
(a) Members of a family, including brothers and sisters of the whole or half blood, spouse, parents, grandparents, ancestors, children, spouses of children, grandchildren, spouses of grandchildren, and other lineal descendants of an individual;
(b) An individual and a corporation, if more than ten percent (10%) in value of the outstanding stock of which is owned, directly or indirectly, by or for that individual;
(c) An individual and a limited liability company or a partnership, if more than ten percent (10%) of the capital interest or profits are owned or controlled, directly or indirectly, by or for that individual; or
(d) An individual and a trust, if the individual is a grantor, fiduciary, or beneficiary of the trust;
(2) “Board” means the board of the West End Opportunity Partnership;
(3) “CPI” means the nonseasonally adjusted United States city average of the Consumer Price Index for all urban consumers for all items, as released by the federal Bureau of Labor Statistics;
(4) “Development area” means a region within a consolidated local government bounded by:
(a) To the south, Algonquin Parkway to the South Seventh Street intersection, but including the unincorporated communities adjacent to Park Duvalle and Algonquin:
1. Beginning at the Ohio River, at the southwest corner of Chickasaw Park and then along the park’s southern boundary to Southwestern Parkway;
2. Southwestern Parkway south to Algonquin Parkway;
3. Algonquin Parkway to South Forty-First Street;
4. South Forty-First Street south to Bells Lane;
5. Bells Lane east to Cane Run Road;
6. Cane Run Road north to Linwood Avenue;
7. Linwood Avenue east to Beech Street;
8. Beech Street south to Wingfield Lane;
9. Wingfield Lane east to Dixie Highway;
10. Dixie Highway north to Algonquin Parkway; and
11. Algonquin Parkway east to South Seventh Street;
(b) To the east, South Seventh Street north to Ninth Street and Ninth Street north to the Ohio River; and
(c) The Ohio River to the north and west;
(5) “Governing body” means the body possessing legislative authority in a consolidated
local government;
(6) “Incremental revenues” means the amount of revenues received by:
(a) A consolidated local government, determined by subtracting old revenues from new revenues in a calendar year with respect to the development area; and
(b) The Commonwealth, determined by subtracting old revenues from new revenues in a calendar year with respect to the development area;
(7) (a) “Local tax revenues” means revenues derived by a consolidated local government from one (1) or more of the following sources:
1. Real property ad valorem taxes, excluding any taxes not assessed while a property is participating in an assessment or reassessment moratorium program under KRS § 99.600; and
2. Occupational license taxes; and
(b) “Local tax revenues” does not mean revenues that have been pledged to support a tax increment financing project established under KRS § 65.490 to
65.499, 65.680 to 65.699, or 65.7041 to 65.7083 or an economic development project within the development area;
(8) “New revenues” means the amount of:
(a) Local tax revenues received by a consolidated local government with respect to the development area in any calendar year beginning with the calendar year described under KRS § 65.504(1); and
(b) State tax revenues received by the Commonwealth with respect to the development area in any calendar year beginning with the calendar year described under KRS § 65.504(1);
(9) “Old revenues” means the amount of:
(a) Local tax revenues received by a consolidated local government with respect to the development area in any calendar year beginning with the calendar year immediately preceding the calendar years described under KRS § 65.504(1); and
(b) State tax revenues received by the Commonwealth with respect to the development area in any calendar year beginning with the calendar year immediately preceding the calendar years described under KRS § 65.504(1).
“Old revenues” shall be adjusted annually to incorporate the percentage change in the CPI. In the first calendar year of the calendar years described under KRS
65.504(1), the calculated amount for the state tax revenues and the local tax revenues shall be adjusted by multiplying each amount by the percentage change in the CPI. For every calendar year thereafter until the expiration of the calendar years described under KRS § 65.504(1), the calculated amount for the state tax revenues and the local tax revenues shall be the previous year’s calculated amount multiplied by the percentage change in the CPI;
(10) “Percentage change in the CPI” means the percentage of change in CPI from one (1)
year to the next based on averaging the twelve (12) consecutive months of CPI data
for each of the two (2) immediately preceding calendar years and then using those two (2) averages to calculate a year-over-year percentage change; and
(11) (a) “State tax revenues” means revenues received by the Commonwealth from one (1) or more of the following sources:
1. State real property ad valorem taxes, excluding any taxes not assessed while a property is participating in an assessment or reassessment moratorium program under KRS § 99.600;
2. Individual income taxes required to be withheld by an employer as required under KRS § 141.310; and
3. Sales taxes levied under KRS § 139.200, excluding sales taxes already pledged for:
a. Approved tourism attraction projects, as defined in KRS § 148.851, within the development area; and
b. Projects which are approved for sales tax refunds under
Subchapter 20 of KRS Chapter 154 within the development area. (b) “State tax revenues” does not mean revenues that have been pledged to
support a tax increment financing project established under KRS § 65.490 to
65.499, 65.680 to 65.699, or 65.7041 to 65.7083 or an economic development project within the development area.
Effective: June 29, 2021
History: Created 2021 Ky. Acts ch. 203, sec. 2, effective June 29, 2021.
Legislative Research Commission Note (6/29/2021). Under the authority of KRS
7.136(1), the Reviser of Statutes has altered the format of the text in subsection (9) of this statute during codification. The words in the text were not changed.