{"data":{"id":"us-ky/krs-154.30-040","jurisdiction":"us-ky","citation":"KRS 154.30-040","heading":"Commonwealth Participation Program for State Real Property Ad","body":"Valorem Tax Revenues -- Criteria for state participation -- Qualifying\nexpenditures -- Pledge limitations -- Authority review -- Required\ndeterminations by the authority -- Tax incentive agreement required.\n(1) The Commonwealth Participation Program for State Real Property Ad Valorem Tax\nRevenues is hereby established.\n(2) State participation under this program shall be limited to the support of approved\npublic infrastructure costs determined to be necessary to support private investment\nor private development projects that benefit the public, where project economics are\nunable to support or secure necessary financing to undertake the public\nimprovements.\n(3) A project shall meet all of th e following criteria to be considered for state\nparticipation under this program:\n(a) The project shall represent new economic activity in the Commonwealth;\n(b) The project shall result in a minimum capital investment of ten million dollars\n($10,000,000); and\n(c) Not more than twenty percent (20%) of the capital investment or twenty\npercent (20%) of the finished square footage shall be devoted to the support or\ndevelopment of assets that will be utilized for the retail sale of tangible\npersonal property.\n(4) The authority shall review the application and supporting information as provided\nin KRS 154.30-030.\n(5) The authority may pledge up to one hundred percent (100%) of the\nCommonwealth's state real property ad valorem tax incremental revenue from the\nfootprint of a project, provided that the maximum amount of incremental revenues\nthat may be pledged during the term of the state participation agreement for a\nproject shall not exceed one hundred percent (100%) of approved public\ninfrastructure costs.\n(6) As part of the approval process, the authority shall determine the following:\n(a) The footprint of the project;\n(b) The maximum amount of approved public infrastructure costs;\n(c) That the local revenues pledged to support the public infrastructure of the\nproject, and local revenues pledged to support the overall project are of a\nsufficient amount to warrant participation of the Commonwealth in the\nproject;\n(d) The termination date of the project grant agreement, not to exceed twenty (20)\nyears from the activation date; and\n(e) Any adjustments to be made to old revenues in determining incremental\nrevenues during each year of the term of the project grant agreement.\n(7) The pledge of incremental state real property ad valorem tax revenues of the\nCommonwealth by the authority shall be implemented through the execution of a\ntax incentive agreement between the Commonwealth and the agency, city, or\ncounty, in accordance with KRS 154.30-070.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=2846","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:55Z","sha256":"126f74e1cded03a723de849a85fbfd468322d338eb87a268f63cf309c819c32c","source_id":"us-ky","stale":false,"prev":"us-ky/krs-154.30-030","next":"us-ky/krs-154.30-050"},"notice":"GroundRules: Original legal text. Not legal advice."}