{"data":{"id":"us-ky/krs-141.068","jurisdiction":"us-ky","citation":"KRS 141.068","heading":"Definitions -- Determination of tax credits under KRS 154.20-258.","body":"(1) As used in this section, unless the context requires otherwise:\n(a) \"Authority\" means the Kentucky Economic Development Finance Authority\nas created pursuant to KRS 154.20-010;\n(b) \"Investor\" has the same meaning as set forth in KRS 154.20-254;\n(c) \"Investment fund\" has the same meaning as set forth in KRS 154.20-254;\n(d) \"Investment fund manager\" has the same meaning as set forth in KRS 154.20 -\n254; and\n(e) \"Tax credit\" means the credits provided for in KRS 154.20-258.\n(2) (a) An investor which is an indivi dual or a corporation shall be entitled to the\ncredit certified by the authority under KRS 154.20 -258 against the tax due\ncomputed as provided by KRS 141.020 or 141.040, respectively, and against\nthe tax imposed by KRS 141.0401, with the ordering of credit s as provided in\nKRS 141.0205.\n(b) The amount of the certified tax credit that may be claimed in any tax year of\nthe investor shall be determined in accordance with the provisions of KRS\n154.20-258.\n(3) (a) In the case of an investor that is a pass -through entity not subject to the tax\nimposed by KRS 141.040, the amount of the tax credit certified by the\nauthority under KRS 154.20 -258 shall be taken by the pass -through entity\nagainst the limited liability entity tax imposed by KRS 141.0401, and shall\nalso be apportioned among the partners, members, or shareholders at the same\nratio as the partners', members', or shareholders' distributive shares of income\nare determined for the tax year during which the amount of the credit is\ncertified by the authority.\n(b) The amount of the tax credit apportioned to each partner, member, or\nshareholder that may be claimed in any tax year of the partner, member, or\nshareholder shall be determined in accordance with the provisions of KRS\n154.20-258.\n(4) (a) In the case of an investor that is a trust not subject to the tax imposed by KRS\n141.040, the amount of the tax credit certified by the authority under KRS\n154.20-258 shall be apportioned to the trust and the beneficiaries on the basis\nof the income of the trust allocable t o each for the tax year during which the\ntax credit is certified by the authority.\n(b) The amount of tax credit apportioned to each trust or beneficiary that may be\nclaimed in any tax year of the trust or beneficiary shall be determined in\naccordance with the provisions of KRS 154.20-258.\n(5) The Department of Revenue shall promulgate administrative regulations under KRS\nChapter 13A to adopt procedures for the administration of the credits authorized by\nKRS 154.20-258.\n(6) In order for the Ge neral Assembly to evaluate the fulfillment of the purposes stated\nin KRS 154.20 -250, the department shall work jointly with the Cabinet for\nEconomic Development to provide a report detailing each investment fund\nagreement entered into by the cabinet. The r eport shall be submitted to the Interim\nJoint Committee on Appropriations and Revenue on or before May 1, 2019, and\ncontain the following information:\n(a) The date the agreement was entered into by the cabinet with the investment\nfund manager;\n(b) The name  of the investment fund manager and the name of the investment\nfund;\n(c) The primary business location of the investment fund;\n(d) The total number of investment funds, the number of investors for each fund,\nthe amount of committed cash contributions to ea ch investment fund, and the\ntotal qualified investments made by each investment fund, including initial\nand subsequent investments, for each small business;\n(e) A list detailing each investor within each investment fund, the amount of\ninvestment made by each investor, and the amount of tax credit awarded each\ninvestor;\n(f) Whether the authority has suspended the availability of any credits, terminated\nany agreements, or pursued any other remedy because the investment fund\nmanager failed to comply with the agreement;\n(g) By taxable year, the amount of tax credit claimed by each investor by type of\ntax, including income tax, any taxes imposed on financial institutions, or\ninsurance taxes;\n(h) The number of small businesses that are active, inactive, or closed that have\nreceived investments from an investment fund;\n(i) The number and location of each new small business established or expanded;\n(j) The number and location of each new job created;\n(k) The number of new products and technologies created; and\n(l) The total amount of tax credit awarded for each fiscal year.\n(7) If either the department or the Cabinet for Economic Development does not\ncurrently have the data to fulfill the reporting requirement of subsection (6) of this\nsection, the department and the cabinet shall work jointly to obtain the data in an\nexpedient manner to provide the report on or before the May 1, 2019, report date.","path":["KRS Chapter 141"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=47403","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:34Z","sha256":"8fd3bbc4ae16090ba45c8d130a4558441a4c1c54c80f027b209679adf6a967cd","source_id":"us-ky","stale":false,"prev":"us-ky/krs-141.067","next":"us-ky/krs-141.069"},"notice":"GroundRules: Original legal text. Not legal advice."}