{"data":{"id":"us-ky/krs-154.20-230","jurisdiction":"us-ky","citation":"KRS 154.20-230","heading":"Definitions for KRS 154.20-230 to 154.20-240.","body":"As used in KRS 154.20-230 to 154.20-240:\n(1) \"Application\" means a document submitted by small businesses and investors, on a\nform supplied by the authority, for the purpose of requesting certification to\nparticipate in the program and to apply for a credit;\n(2) \"Authority\" means the Kentucky Economic Development Finance Authority;\n(3) \"Commonwealth\" means the Commonwealth of Kentucky;\n(4) \"Credit\" means the nonrefundable angel investor tax credit established by KRS\n141.396 and awarded by the authority pursuant to KRS 154.20-236;\n(5) \"Department\" means the Department of Revenue;\n(6) \"Entity\" means any corporation, limited liability company, business development\ncorporation, partnership, limited partnership, sole proprietorship, association, joint\nstock company, receivership, trust, professional service organization, or other legal\nentity through which business is conducted;\n(7) \"Fee\" means a nonrefundable application fee in an amount set by the authority, to\nbe collected by the authority to offset the cost of  administering KRS 154.20-230 to\n154.20-240;\n(8) \"Full-time employee\" means a person that is required to work a minimum of thirty -\nfive (35) hours per week and is subject to the tax imposed by KRS 141.020;\n(9) \"Heritage county\" means a county where the coun ty population ranking determined\nby the cabinet under KRS 154.21 -017 scores greater than or equal to ninety -seven\n(97);\n(10) \"Knowledge-based\" has the same meaning as in KRS 164.6011;\n(11) (a) \"Qualified activity\" means any knowledge -based activity related to the new\neconomy focus areas of the Office of Entrepreneurship and Innovation,\nincluding but not limited to:\n1. Bioscience;\n2. Environmental and energy technology;\n3. Health and human development;\n4. Information technology and communications; and\n5. Materials science and advanced manufacturing.\n(b) A \"qualified activity\" does not include any activity principally engaged in by\nfinancial institutions, commercial development companies, credit co mpanies,\nfinancial or investment advisors, brokerage or financial firms, other\ninvestment funds or investment fund managers, charitable and religious\ninstitutions, oil and gas exploration companies, insurance companies,\nresidential housing developers, reta il establishments, or any activity that the\nauthority determines in its discretion to be against the public interest, against\nthe purposes of KRS 154.20 -230 to 154.20 -240, or in violation of any law.\nNotwithstanding this paragraph, an entity involved in ot her technological\nadvances may be deemed to be engaged in qualified activity, as determined by\nthe executive director of the Office of Entrepreneurship and Innovation;\n(12) \"Qualified investment\" means an investment meeting the requirements of KRS\n154.20-234 for qualified investments, and certified pursuant to KRS 154.20-236;\n(13) \"Qualified investor\" means an individual investor meeting the requirements of KRS\n154.20-234 for qualified investors, and certified pursuant to KRS 154.20-236; and\n(14) \"Qualified small business\" means an entity meeting the requirements of KRS\n154.20-234 for qualified small businesses, and certified pursuant to KRS 154.20 -\n236.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=57138","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:53Z","sha256":"57f60a8bd66ef04056c6efa732af93f099aa5f5cd46bb7e69931080b20342ad0","source_id":"us-ky","stale":false,"prev":"us-ky/krs-154.20-229","next":"us-ky/krs-154.20-232"},"notice":"GroundRules: Original legal text. Not legal advice."}