{"data":{"id":"us-ky/krs-56.505","jurisdiction":"us-ky","citation":"KRS 56.505","heading":"Legislative intent respecting industrial development projects.","body":"(1) It is hereby found, determined and declared as a legislative finding of fact that the\ngeneral welfare and well-being of the citizens of the Commonwealth is inextricably\nconnected with and related to the economic opportunities which may be created and\nmade available to them and that it is the legitimate business of Kentucky state\ngovernment in an increasingly complex society to provide to the maximum extent\npracticable the impetus for economic development in the Commonwealth by the\ncreation and financing of programs which will directly and proximately cause the\nlocation of major industries in the Commonwealth.\n(2) It is hereby further found, determined and declared as a legislative finding of fact\nthat the establishment of major manufacturing, processing and assembling facilities\non sites which may be acquired and developed by the Commonwealth for such uses\nwill proximately result in increased tax revenues to the Commonwealth, as taxing\nentity, including state corporate income taxes, state income taxes paid by employees\nwho work in such facilities, state property taxes, state corporation license taxes and\nstate sales and use taxes, which would not be received by the Commonwealth but\nfor the establishment of such manufacturing, processing and assembling faciliti es\nand which tax receipts are hereby found, determined and declared to constitute\nreceipt of value by the Commonwealth for the lease or conveyance of any such\nsites, as developed and improved, to persons, firms and corporations establishing\nmajor manufacturing, processing and assembling facilities on such sites.\n(3) It is the purpose of KRS 56.510, 56.513 and 56.514 to promote the gainful\nemployment, business and economic development opportunities and general welfare\nof the citizens and residents of the Com monwealth by the creation of authority to\nenable the Commonwealth to acquire real estate for use as manufacturing,\nprocessing and assembling sites, and to develop such sites for occupancy, use, lease\nor conveyance to industrial corporations, partnerships a nd other entities which will\nprovide citizens and residents of the Commonwealth with employment\nopportunities and will provide to the Commonwealth additional tax revenues. The\nauthority granted by KRS 56.510, 56.513 and 56.514 and the purposes to be\naccomplished by this section are hereby declared to be public purposes for which\npublic money may be expended. The General Assembly hereby declares that\nfinancing the acquisition and development of sites for industries pursuant to KRS\n56.510, 56.513 and 56.514 is governmental and public in nature.","path":["KRS Chapter 56"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=22649","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:11Z","sha256":"15ad5ee268cfcc4dadd10ad8b34a6bdc05ddece53f2e750a0fcab13d59bc41a3","source_id":"us-ky","stale":false,"prev":"us-ky/krs-56.500","next":"us-ky/krs-56.510"},"notice":"GroundRules: Original legal text. Not legal advice."}