UNOFFICIAL COPY 23 RS BR 1742
Page 1 of 1
XXXX 2/21/2023 4:04 PM Jacketed
AN ACT relating to Tax Increment Financing District Funding. 1
Be it enacted by the General Assembly of the Commonwealth of Kentucky: 2
ď˘Section 1. KRS 154.30-090 is amended to read as follows: 3
(1) (a) Any agency that enters into a tax incentive agreement for the release of 4
incremental revenues shall, after each calendar year, in which a tax incentive 5
agreement is in effect, notify the authority that incremental revenues are due, 6
and in consultation with the authority, the agency shall determine the amount 7
of the incremental revenues due from the Commonwealth. 8
(b) The agency shall present to the authority the total increment due from the 9
Commonwealth. The authority shall review and verify the information 10
submitted and shall certify the verified amount. 11
(2) Upon certification of the total incremental revenues due from the Commonwealth 12
by the authority, the department[ of Revenue] shall transfer the incremental 13
revenues to a tax increment financing account established and administered by the 14
Finance and Administration Cabinet for payment of the Commonwealth's portion of 15
the incremental revenues. Prior to disbursement by the Finance and Administration 16
Cabinet of the funds from the tax increment financing account, the authority shall 17
notify the Finance and Administration Cabinet that the agency is in compliance 18
with the terms of the tax incentive agreement. Upon notification, the Finance and 19
Administration Cabinet shall release to the agency the Commonwealth's portion of 20
the total incremental revenues due under the tax incentive agreement. 21
(3) The department[ of Revenue] shall have no obligation to refund or otherwise return 22
any of the incremental revenues to the taxpayer from whom the incremental 23
revenues arose or are attributable. Further, no additional incremental revenues 24
resulting from audit, amended returns, or other activity for any period shall be 25
transferred to the tax increment financing account after the initial release to the 26
agency of the Commonwealth's increment for that period. 27