KRS 154.27-050: Release of sales tax incentives under tax incentive agreement --

Monitoring, tracking, and reporting requirements.

(1) The department may release to an approved company any sales tax incentives under

KRS 139.517 and 154.27 -070 after review of the request for incentives required by

KRS 139.517 and determination of the amount due regardless of whether the

minimum capital investment has been made as required by the tax incentive

agreement.

(2) The authority shall monitor all tax incentive agreemen ts. The authority may seek

assistance from the Office of Energy Policy, the Department of Revenue, the Center

for Applied Energy Research, or other entities or individuals in performing its

monitoring functions.

(3) The department shall track the amount of revenues released and incentives received

for each eligible project under each tax incentive agreement and shall provide the

authority the information upon request.

(4) By November 1 of each year, the authority and the department shall jointly prepare

an annual report and post it to the Cabinet for Economic Development Web site as

required in KRS 154.12 -2035. The report shall include a list of all companies with

which tax incentive agreements have been entered into and a summary of the terms

of each agreement, including the type of facility approved, product to be produced,

estimated output upon completion, required minimum capital investment and

maximum recovery, incentives approved by type of tax and amount, activation date,

and termination date.