56.505 Legislative intent respecting industrial development projects. - Kentucky Statutes

Download pdf

Loading PDF...

56.505 Legislative intent respecting industrial development projects. (1) It is hereby found, determined and declared as a legislative finding of fact that the general welfare and well-being of the citizens of the Commonwealth is inextricably
connected with and related to the economic opportunities which may be created and
made available to them and that it is the legitimate business of Kentucky state
government in an increasingly complex society to provide to the maximum extent
practicable the impetus for economic development in the Commonwealth by the
creation and financing of programs which will directly and proximately cause the
location of major industries in the Commonwealth. (2) It is hereby further found, determined and declared as a legislative finding of fact that the establishment of major manufacturing, processing and assembling facilities
on sites which may be acquired and developed by the Commonwealth for such uses
will proximately result in increased tax revenues to the Commonwealth, as taxing
entity, including state corporate income taxes, state income taxes paid by employees
who work in such facilities, state property taxes, state corporation license taxes and
state sales and use taxes, which would not be received by the Commonwealth but
for the establishment of such manufacturing, processing and assembling facilities
and which tax receipts are hereby found, determined and declared to constitute
receipt of value by the Commonwealth for the lease or conveyance of any such
sites, as developed and improved, to persons, firms and corporations establishing
major manufacturing, processing and assembling facilities on such sites. (3) It is the purpose of KRS 56.510, 56.513 and 56.514 to promote the gainful employment, business and economic development opportunities and general welfare
of the citizens and residents of the Commonwealth by the creation of authority to
enable the Commonwealth to acquire real estate for use as manufacturing,
processing and assembling sites, and to develop such sites for occupancy, use, lease
or conveyance to industrial corporations, partnerships and other entities which will
provide citizens and residents of the Commonwealth with employment
opportunities and will provide to the Commonwealth additional tax revenues. The
authority granted by KRS 56.510, 56.513 and 56.514 and the purposes to be
accomplished by this section are hereby declared to be public purposes for which
public money may be expended. The General Assembly hereby declares that
financing the acquisition and development of sites for industries pursuant to KRS
56.510, 56.513 and 56.514 is governmental and public in nature. Effective: April 8, 1986
History: Created 1986 Ky. Acts ch. 350, sec. 1, effective April 8, 1986.