154.30.090 Annual disbursement of tax incremental revenues. - Kentucky Statutes

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Page 1 of 1 154.30-090 Annual disbursement of tax incremental revenues. (1) (a) Any agency that enters into a tax incentive agreement for the release of incremental revenues shall, after each calendar year, in which a tax incentive
agreement is in effect, notify the authority that incremental revenues are due,
and in consultation with the authority, the agency shall determine the amount
of the incremental revenues due from the Commonwealth. (b) The agency shall present to the authority the total increment due from the Commonwealth. The authority shall review and verify the information
submitted and shall certify the verified amount. (2) Upon certification of the total incremental revenues due from the Commonwealth by the authority, the Department of Revenue shall transfer the incremental revenues
to a tax increment financing account established and administered by the Finance
and Administration Cabinet for payment of the Commonwealth's portion of the
incremental revenues. Prior to disbursement by the Finance and Administration
Cabinet of the funds from the tax increment financing account, the authority shall
notify the Finance and Administration Cabinet that the agency is in compliance with
the terms of the tax incentive agreement. Upon notification, the Finance and
Administration Cabinet shall release to the agency the Commonwealth's portion of
the total incremental revenues due under the tax incentive agreement. (3) The Department of Revenue 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 to the tax increment financing account after the initial release to the
agency of the Commonwealth's increment for that period. Effective: July 15, 2008
History: Created 2008 Ky. Acts ch. 178, sec. 22, effective July 15, 2008.