{"data":{"id":"us-ky/krs-154.20-240","jurisdiction":"us-ky","citation":"KRS 154.20-240","heading":"Annual report by small businesses.","body":"(1) On or before February 1 of the calendar year succeeding the year in which a credit\nwas awarded, and continuing for four (4) years thereafter, a qualified small business\nthat has received a qualified investment shall file an annual report with the\nauthority.\n(2) (a) This report shall demonstrate that the small business:\n1. Continues to have more than fifty percent (50%) of its assets, operations,\nand employees in the Commonwealth;\n2. Has at no time received an aggregate amount of qualified investments\nthat h as allowed qualified investors to receive more than one million\ndollars ($1,000,000) in credits; and\n3. Continues to be actively and principally engaged in a qualified activity.\n(b) The report shall also provide additional information related to the succes s of\nthe small business attributable to the investment, including but not limited to:\n1. New jobs created;\n2. Increased sales or other economic activity conducted;\n3. The degree of other private investment attracted; and\n4. Any other information requested by the authority.\n(3) If a qualified small business either:\n(a) Fails to submit the report mandated by this section in any year; or\n(b) Fails to meet any of the criteria listed in subsection (2)(a) of this section at any\ntime during any year of the reporting period;\nthe authority shall notify the department, which shall recapture any portion, or the\nfull amount, of the credit awarded for qualified investments in that qualifie d small\nbusiness from the qualified investor that received the credit award or any taxpayer\nreceiving the credit through a valid transfer. Any amounts collected from the\nrecapture shall be deposited in the general fund.\n(4) If a qualified small business be comes insolvent and ceases operations at any time\nbefore the final required annual report is due, it shall file a written report with the\nauthority attesting to that fact and shall thereafter be exempt from the annual report\nrequired by this section, and c redits awarded and already claimed for qualified\ninvestments in that qualified small business shall not be subject to any recapture.\nAny credits not claimed as of the date the company became insolvent and ceased\noperations shall be considered expired and shall not be claimed.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=50294","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:53Z","sha256":"421e01d996dc7fc5f359acab743093930b719d29239bfdbc240e6ff884f10cb2","source_id":"us-ky","stale":false,"prev":"us-ky/krs-154.20-238","next":"us-ky/krs-154.20-250"},"notice":"GroundRules: Original legal text. Not legal advice."}