{"data":{"id":"us-ky/krs-65.495","jurisdiction":"us-ky","citation":"KRS 65.495","heading":"State and local development contracts for release of tax increments or grant","body":"awards -- Limitations.\n(1) In connection with the establishment of any development area, an agency may enter\ninto contracts with one (1) or more taxing districts for the relea se to the agency of\nincrements expected to be derived by a taxing district within a development area\nwith an existing development asset as leveraged in part by the undertaking of a\nproject.\n(2) No contract shall require the release of less than fifty perce nt (50%) of the\nincrements, or more than ninety -five percent (95%) of the increments where the\nrevenue is derived solely from ad valorem taxation or solely from occupational\nlicense fees, or more than eighty percent (80%) of the increments where the revenue\nis derived from ad valorem taxes and occupational license fees.\n(3) An agency may enter into a contract with the state, acting by and through the\nGovernor, for an annual grant to the agency in an amount equal to not less than fifty\npercent (50%) nor more  than eighty percent (80%) of the increment in ad valorem\ntaxes, sales taxes, income taxes, and limited liability entity taxes derived by the\nstate within the development area with an existing economic development asset as\nleveraged in part by the undertaking of a project.\n(4) Any amount derived by the agency under the terms of a release shall be used solely\nfor the purposes of the project and in the development area.","path":["KRS Chapter 65"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=23420","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:21Z","sha256":"bc1aef602dbd84f8f59e070d7c08c78c4c07a7ccc78a11bc2512a948ea4f6692","source_id":"us-ky","stale":false,"prev":"us-ky/krs-65.494","next":"us-ky/krs-65.497"},"notice":"GroundRules: Original legal text. Not legal advice."}