Terms Used In Kentucky Statutes > Chapter 154 > Subchapter 31 - The Kentucky Investment Act

• Approved company: means an eligible company that has received approval from the authority for a sales and use tax incentive under this subchapter. See Kentucky Statutes 154.31-010
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authority: means the Kentucky Economic Development Finance Authority. See Kentucky Statutes 154.31-010
• 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
• Coal severing and processing: means activities resulting in the eligible company being subject to the tax imposed by KRS Chapter 143. See Kentucky Statutes 154.31-010
• 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
• Department: means the Department of Revenue. See Kentucky Statutes 154.31-010
• Domestic: when applied to a corporation, partnership, business trust, or limited liability company, means all those incorporated or formed by authority of this state. See Kentucky Statutes 446.010
• Economic development project: means :
  (a) 1. See Kentucky Statutes 154.31-010
• Electronic processing: means the use of technology having electronic, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities, now in existence or later developed to perform a service or technology activity. See Kentucky Statutes 154.31-010
• Eligible company: means any corporation, limited liability company, partnership, limited partnership, sole proprietorship, business trust, or other legal entity with a proposed economic development project that is primarily engaged in or planning to be engaged in one (1) or more of the following activities within the Commonwealth:
  1. See Kentucky Statutes 154.31-010
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Headquarters: means the principal office where the principal executives of the entity are located and from which other personnel, branches, affiliates, offices, or entities are controlled. See Kentucky Statutes 154.31-010
• Month: means calendar month. 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
• Personal property: All property that is not real property.
• 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
• Project term: means the time for which an agreement shall be in effect. See Kentucky Statutes 154.31-010
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Research and development: means experimental or laboratory activity that has as its ultimate goal the development of new products, the improvement of existing products, the development of new uses for existing products, or the development or improvement of methods for producing products. See Kentucky Statutes 154.31-010
• State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
• Year: means calendar year. See Kentucky Statutes 446.010