65.7083 Payment and release of incremental revenues -- Duties of local taxing districts and Department of Revenue. - Kentucky Statutes

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