KRS 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 est ablished 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 por tion 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 a re 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.