<br><br> <br>Page 1 of 1 <br>65.7083 Payment and release of incremental revenues -- Duties of local taxing <br>districts and Department of Revenue. <br>(1) Any agency that enters into a local participation agreement or local <br>development area agreement for the release of incremental revenues during <br>the period of a local participation agreement or local development area <br>agreement shall, after each calendar year, in which a local participation <br>agreement or local development area agreement is in effect, notify each taxing <br>district obligated under the local participation agreement or local development <br>area agreement that incremental revenues are due and, in consultation with <br>each taxing district, the agency shall determine the amount of incremental <br>revenues due from each taxing district. <br>(2) Upon notice from the agency, each taxing district obligated under a local <br>participation agreement or local development area agreement shall release to the <br>agency the incremental revenues due under the local participation agreement or <br>local development area agreement. The agency shall certify to the authority on a <br>calendar year basis the amount of incremental revenues and occupational license <br>fees collected where applicable. <br>(3) The local taxing district shall have no obligation to refund or otherwise return any <br>of the incremental revenues to the taxpayer from whom the incremental revenues <br>arose or are attributable. Further, no additional incremental revenues resulting from <br>audit, amended returns, or other activity for any period shall be transferred after the <br>initial release to the agency of the taxing district's increment for that period. <br>Effective: July 15, 2008 <br>History: Amended 2008 Ky. Acts ch. 178, sec. 11, effective July 15, 2008. -- Created <br>2007 Ky. Acts ch. 95, sec. 22, effective March 23, 2007. <br><br>