{"data":{"id":"us-ky/krs-65.491","jurisdiction":"us-ky","citation":"KRS 65.491","heading":"Legislative findings regarding tax increment financing.","body":"(1) It is found and declared that public improvements, and publicly promoted private\nimprovements, in any development area that result in the increase in the value of\nproperty located in the development area or result in increased employment within\nthe development area serve a public purpose for each taxing district possessing the\nauthority, directly or indirectly, to impose ad valorem taxes, sales taxes, income\ntaxes, or occupational license fees in the development area, and for the state with\nregards to its r evenues from ad valorem taxes, sales taxes, and income taxes. The\nincrement in revenues derived by each taxing district and the state from the\ndevelopment area is found and declared to be one of the benefits derived by each\ntaxing district and the state fr om any local development project or public project\nundertaken by the agency; and\n(2) It is found that the use of tax increment financing or a grant program based upon the\nuse of increment financing as tax revenues has proved to be successful and of great\nbenefit to areas in need of revitalization and development in other parts of the\ncountry; therefore, the development of a pilot program within the Commonwealth to\ntest the usefulness of increment financing to assist local governments in restoring\nand revitalizing their communities is declared to be a most worthy public purpose.","path":["KRS Chapter 65"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=23417","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:21Z","sha256":"c3caeca909c7038f5320b3becbfd6c64940f2df976e9df161c5b5b80d0489d01","source_id":"us-ky","stale":false,"prev":"us-ky/krs-65.490","next":"us-ky/krs-65.493"},"notice":"GroundRules: Original legal text. Not legal advice."}