Page 1 of 1 154.27-050 Release of sales tax incentives under tax incentive agreement -- Monitoring, tracking, and reporting requirements. (1) The department may release to an approved company any sales tax incentives under KRS 139.517 and 154.27-070 after review of the request for incentives required by <br>KRS 139.517 and determination of the amount due regardless of whether the <br>minimum capital investment has been made as required by the tax incentive <br>agreement. (2) The authority shall monitor all tax incentive agreements. The authority may seek assistance from the Department for Energy Development and Independence, the <br>Department of Revenue, the Center for Applied Energy Research, or other entities <br>or individuals in performing its monitoring functions. (3) The department shall track the amount of revenues released and incentives received for each eligible project under each tax incentive agreement and shall provide the <br>authority the information upon request. (4) On or before December 1, 2008, and every December 1 thereafter, the authority and the department shall jointly prepare a report for the Legislative Research <br>Commission. The report shall include a list of all companies with which tax <br>incentive agreements have been entered into and a summary of the terms of each <br>agreement, including the type of facility approved, product to be produced, <br>estimated output upon completion, required minimum capital investment and <br>maximum recovery, incentives approved by type of tax and amount, activation date, <br>and termination date. Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 24, sec. 202, effective July 15, 2010. -- Created 2007 (2d Extra. Sess.) Ky. Acts ch. 1, sec. 5, effective August 30, 2007.
Page 1 of 1 154.27-050 Release of sales tax incentives under tax incentive agreement -- Monitoring, tracking, and reporting requirements. (1) The department may release to an approved company any sales tax incentives under KRS 139.517 and 154.27-070 after review of the request for incentives required by <br>KRS 139.517 and determination of the amount due regardless of whether the <br>minimum capital investment has been made as required by the tax incentive <br>agreement. (2) The authority shall monitor all tax incentive agreements. The authority may seek assistance from the Department for Energy Development and Independence, the <br>Department of Revenue, the Center for Applied Energy Research, or other entities <br>or individuals in performing its monitoring functions. (3) The department shall track the amount of revenues released and incentives received for each eligible project under each tax incentive agreement and shall provide the <br>authority the information upon request. (4) On or before December 1, 2008, and every December 1 thereafter, the authority and the department shall jointly prepare a report for the Legislative Research <br>Commission. The report shall include a list of all companies with which tax <br>incentive agreements have been entered into and a summary of the terms of each <br>agreement, including the type of facility approved, product to be produced, <br>estimated output upon completion, required minimum capital investment and <br>maximum recovery, incentives approved by type of tax and amount, activation date, <br>and termination date. Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 24, sec. 202, effective July 15, 2010. -- Created 2007 (2d Extra. Sess.) Ky. Acts ch. 1, sec. 5, effective August 30, 2007.
Page 1 of 1 154.27-050 Release of sales tax incentives under tax incentive agreement -- Monitoring, tracking, and reporting requirements. (1) The department may release to an approved company any sales tax incentives under KRS 139.517 and 154.27-070 after review of the request for incentives required by <br>KRS 139.517 and determination of the amount due regardless of whether the <br>minimum capital investment has been made as required by the tax incentive <br>agreement. (2) The authority shall monitor all tax incentive agreements. The authority may seek assistance from the Department for Energy Development and Independence, the <br>Department of Revenue, the Center for Applied Energy Research, or other entities <br>or individuals in performing its monitoring functions. (3) The department shall track the amount of revenues released and incentives received for each eligible project under each tax incentive agreement and shall provide the <br>authority the information upon request. (4) On or before December 1, 2008, and every December 1 thereafter, the authority and the department shall jointly prepare a report for the Legislative Research <br>Commission. The report shall include a list of all companies with which tax <br>incentive agreements have been entered into and a summary of the terms of each <br>agreement, including the type of facility approved, product to be produced, <br>estimated output upon completion, required minimum capital investment and <br>maximum recovery, incentives approved by type of tax and amount, activation date, <br>and termination date. Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 24, sec. 202, effective July 15, 2010. -- Created 2007 (2d Extra. Sess.) Ky. Acts ch. 1, sec. 5, effective August 30, 2007.
