KRS 154.20-230: Definitions for KRS 154.20-230 to 154.20-240.

As used in KRS 154.20-230 to 154.20-240:

(1) "Application" means a document submitted by small businesses and investors, on a

form supplied by the authority, for the purpose of requesting certification to

participate in the program and to apply for a credit;

(2) "Authority" means the Kentucky Economic Development Finance Authority;

(3) "Commonwealth" means the Commonwealth of Kentucky;

(4) "Credit" means the nonrefundable angel investor tax credit established by KRS

141.396 and awarded by the authority pursuant to KRS 154.20-236;

(5) "Department" means the Department of Revenue;

(6) "Entity" means any corporation, limited liability company, business development

corporation, partnership, limited partnership, sole proprietorship, association, joint

stock company, receivership, trust, professional service organization, or other legal

entity through which business is conducted;

(7) "Fee" means a nonrefundable application fee in an amount set by the authority, to

be collected by the authority to offset the cost of administering KRS 154.20-230 to

154.20-240;

(8) "Full-time employee" means a person that is required to work a minimum of thirty -

five (35) hours per week and is subject to the tax imposed by KRS 141.020;

(9) "Heritage county" means a county where the coun ty population ranking determined

by the cabinet under KRS 154.21 -017 scores greater than or equal to ninety -seven

(97);

(10) "Knowledge-based" has the same meaning as in KRS 164.6011;

(11) (a) "Qualified activity" means any knowledge -based activity related to the new

economy focus areas of the Office of Entrepreneurship and Innovation,

including but not limited to:

1. Bioscience;

2. Environmental and energy technology;

3. Health and human development;

4. Information technology and communications; and

5. Materials science and advanced manufacturing.

(b) A "qualified activity" does not include any activity principally engaged in by

financial institutions, commercial development companies, credit co mpanies,

financial or investment advisors, brokerage or financial firms, other

investment funds or investment fund managers, charitable and religious

institutions, oil and gas exploration companies, insurance companies,

residential housing developers, reta il establishments, or any activity that the

authority determines in its discretion to be against the public interest, against

the purposes of KRS 154.20 -230 to 154.20 -240, or in violation of any law.

Notwithstanding this paragraph, an entity involved in ot her technological

advances may be deemed to be engaged in qualified activity, as determined by

the executive director of the Office of Entrepreneurship and Innovation;

(12) "Qualified investment" means an investment meeting the requirements of KRS

154.20-234 for qualified investments, and certified pursuant to KRS 154.20-236;

(13) "Qualified investor" means an individual investor meeting the requirements of KRS

154.20-234 for qualified investors, and certified pursuant to KRS 154.20-236; and

(14) "Qualified small business" means an entity meeting the requirements of KRS

154.20-234 for qualified small businesses, and certified pursuant to KRS 154.20 -

236.