65.495 State and local development contracts for release of tax increments or grant
awards -- Limitations.
(1) In connection with the establishment of any development area, an agency may enter
into contracts with one (1) or more taxing districts for the release to the agency of <br>increments expected to be derived by a taxing district within a development area <br>with an existing development asset as leveraged in part by the undertaking of a <br>project.
(2) No contract shall require the release of less than fifty percent (50%) of the
increments, or more than ninety-five percent (95%) of the increments where the <br>revenue is derived solely from ad valorem taxation or solely from occupational <br>license fees, or more than eighty percent (80%) of the increments where the revenue <br>is derived from ad valorem taxes and occupational license fees.
(3) An agency may enter into a contract with the state, acting by and through the
Governor, for an annual grant to the agency in an amount equal to not less than fifty <br>percent (50%) nor more than eighty percent (80%) of the increment in ad valorem <br>taxes, sales taxes, income taxes, and limited liability entity taxes derived by the <br>state within the development area with an existing economic development asset as <br>leveraged in part by the undertaking of a project.
(4) Any amount derived by the agency under the terms of a release shall be used solely
for the purposes of the project and in the development area.
Effective: June 28, 2006 <br>History: Amended 2006 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 69, effective June 28,
2006. -- Created 2000 Ky. Acts ch. 326, sec. 4, effective July 14, 2000.
Legislative Research Commission Note (6/28/2006). 2006 (1st Extra Sess.) Ky. Acts
ch. 2, sec. 73, provides that "unless a provision of this Act specifically applies to an <br>earlier tax year, the provisions of this Act shall apply to taxable years beginning on or <br>after January 1, 2007."
65.495 State and local development contracts for release of tax increments or grant
awards -- Limitations.
(1) In connection with the establishment of any development area, an agency may enter
into contracts with one (1) or more taxing districts for the release to the agency of <br>increments expected to be derived by a taxing district within a development area <br>with an existing development asset as leveraged in part by the undertaking of a <br>project.
(2) No contract shall require the release of less than fifty percent (50%) of the
increments, or more than ninety-five percent (95%) of the increments where the <br>revenue is derived solely from ad valorem taxation or solely from occupational <br>license fees, or more than eighty percent (80%) of the increments where the revenue <br>is derived from ad valorem taxes and occupational license fees.
(3) An agency may enter into a contract with the state, acting by and through the
Governor, for an annual grant to the agency in an amount equal to not less than fifty <br>percent (50%) nor more than eighty percent (80%) of the increment in ad valorem <br>taxes, sales taxes, income taxes, and limited liability entity taxes derived by the <br>state within the development area with an existing economic development asset as <br>leveraged in part by the undertaking of a project.
(4) Any amount derived by the agency under the terms of a release shall be used solely
for the purposes of the project and in the development area.
Effective: June 28, 2006 <br>History: Amended 2006 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 69, effective June 28,
2006. -- Created 2000 Ky. Acts ch. 326, sec. 4, effective July 14, 2000.
Legislative Research Commission Note (6/28/2006). 2006 (1st Extra Sess.) Ky. Acts
ch. 2, sec. 73, provides that "unless a provision of this Act specifically applies to an <br>earlier tax year, the provisions of this Act shall apply to taxable years beginning on or <br>after January 1, 2007."
65.495 State and local development contracts for release of tax increments or grant
awards -- Limitations.
(1) In connection with the establishment of any development area, an agency may enter
into contracts with one (1) or more taxing districts for the release to the agency of <br>increments expected to be derived by a taxing district within a development area <br>with an existing development asset as leveraged in part by the undertaking of a <br>project.
(2) No contract shall require the release of less than fifty percent (50%) of the
increments, or more than ninety-five percent (95%) of the increments where the <br>revenue is derived solely from ad valorem taxation or solely from occupational <br>license fees, or more than eighty percent (80%) of the increments where the revenue <br>is derived from ad valorem taxes and occupational license fees.
(3) An agency may enter into a contract with the state, acting by and through the
Governor, for an annual grant to the agency in an amount equal to not less than fifty <br>percent (50%) nor more than eighty percent (80%) of the increment in ad valorem <br>taxes, sales taxes, income taxes, and limited liability entity taxes derived by the <br>state within the development area with an existing economic development asset as <br>leveraged in part by the undertaking of a project.
(4) Any amount derived by the agency under the terms of a release shall be used solely
for the purposes of the project and in the development area.
Effective: June 28, 2006 <br>History: Amended 2006 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 69, effective June 28,
2006. -- Created 2000 Ky. Acts ch. 326, sec. 4, effective July 14, 2000.
Legislative Research Commission Note (6/28/2006). 2006 (1st Extra Sess.) Ky. Acts
ch. 2, sec. 73, provides that "unless a provision of this Act specifically applies to an <br>earlier tax year, the provisions of this Act shall apply to taxable years beginning on or <br>after January 1, 2007."
