{"data":{"id":"us-ky/krs-154.20-236","jurisdiction":"us-ky","citation":"KRS 154.20-236","heading":"Total amounts of tax credit that may be awarded -- Administrative","body":"regulations -- Contract for administration and management of certification\nand application procedure.\n(1) The total amount of credit that may be awarded by the authority i n each calendar\nyear, pursuant to KRS 154.20-230 to 154.20-240, to:\n(a) All qualified investors shall be no more than three million dollars\n($3,000,000); and\n(b) Any individual qualified investor shall be no more than two hundred thousand\ndollars ($200,000).\n(2) (a) The total amount of credit that may be awarded by the authority to:\n1. All qualified investors pursuant to KRS 154.20-230 to 154.20-240; and\n2. All investors in all investment funds pursuant to KRS 154.20 -250 to\n154.20-284;\nshall be no more tha n forty million dollars ($40,000,000) in total for all years\nprior to December 31, 2020.\n(b) Beginning on or after January 1, 2021, the amount of credit that may be\nawarded by the authority in each calendar year shall be equal to the amount\nprovided in subsection (1) of this section.\n(c) The authority shall not grant preliminary or final approval for applications\nreceived for the Kentucky Angel Investment Act on or after January 1, 2019,\nbut may resume approving applications received on or after January 1, 2021.\n(3) The authority shall, by promulgation of an administrative regulation, develop a\nstandard procedure for:\n(a) Small businesses and investors to request certification for participation in the\nprogram;\n(b) Qualified investors to request certification of a planned investment as being a\nqualified investment, and to apply for a credit; and\n(c) The award of credits to qualified investors making qualified investments.\n(4) At a minimum, the procedure shall:\n(a) Require small businesses and investors to demonstrate to the authority that\nthey, and any planned investment, satisfy all requirements prov ided in KRS\n154.20-234;\n(b) Provide small businesses and investors with a standard written application\nform to request certification and apply for a credit;\n(c) Require the payment of a fee; and\n(d) Mandate a time period for the duration of certifications granted to small\nbusinesses and investors, and the procedures for recertification thereof.\n(5) The amount of credit awarded shall not exceed:\n(a) Twenty-five percent (25%) of the amount of the qualified investment, if the\nprincipal place of business of the qualified small business is outside a heritage\ncounty; or\n(b) Forty percent (40%) of the amount of the qualified investment, if the principal\nplace of business of the qualified small business is in a heritage county.\n(6) Upon approval of a credit, the aut hority shall reduce the amount of available credit\nby the amount of credit approved to the qualified investor.\n(7) The authority may, in effectuating this section, contract with a science and\ntechnology organization as defined in KRS 164.6011 to administer  and manage the\ncertification and application procedure established by the authority. However, the\nfinal approval of all credits shall be made solely by the authority.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=57139","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:53Z","sha256":"920f4109364be5415dad0e79290aa109bcf8365cbbff20cf9babfd7caeb57c43","source_id":"us-ky","stale":false,"prev":"us-ky/krs-154.20-234","next":"us-ky/krs-154.20-238"},"notice":"GroundRules: Original legal text. Not legal advice."}