KRS 154.32-100: Annual report by department on tax credits and assessments --

Semiannual report by cabinet.

(1) (a) By October 1 of each year, the department shall certify to the authority, in the

form of an annual report, aggregate tax credits claimed on tax returns filed

during the fiscal year ending June 30 of that year and aggregate assessments

taken during the prior calendar year by approved companies with respect to

their economic development projects under this subchapter, and shall certify

to the autho rity, within ninety (90) days from the date an approved company

has filed its state income tax return, when an approved company has taken tax

credits or assessments equal to the total incentives available to the approved

company.

(b) For the economic devel opment credit provided under KRS 141.399, the

department shall report to the authority the total amount of economic

development credit awarded for each taxable year, by county, including the

following:

1. Each approved company awarded a credit; and

2. The total amount of wages paid to a full -time employee by an approved

company and included in the credit computation.

(2) On a semiannual basis, by May 1 and November 1 of each year, the cabinet shall

prepare a report of the economic development credits provid ed under KRS 154.32 -

070 to be submitted to the Governor and the Legislative Research Commission for

referral to Interim Joint Committee on Appropriations and Revenue and made

available on the cabinet's website. The report shall include but not be limited t o the

following:

(a) A summary of the economic development credits received and relevant

statistics relating to actions taken by the cabinet, including:

1. The approved company;

2. The total amount of economic development credits awarded;

3. The number of full-time jobs created; and

4. The annual maximum approved costs of the economic development

project;

(b) The annual total of the economic development credits received; and

(c) Recommendations for legislati on or policy actions needed to increase the

number of economic development projects.