Current through Register Vol. 50, No. 9, March 1, 2024
RELATES TO:
KRS
11A.233,
148.850,
148.851,
148.853,
148.855,
148.857,
148.859,
148.860
NECESSITY, FUNCTION, AND CONFORMITY:
KRS
148.857 requires the authority to establish
standards for preliminary approval and final approval of an eligible company
and its tourism attraction project for inducements granted pursuant to the
Kentucky Tourism Development Act Sales Tax Credit Program. This administrative
regulation establishes such standards.
Section
1. Definitions. Definitions for terms used in this administrative
regulation are contained in
KRS
148.851.
Section 2. Preliminary Approval Standards.
The authority shall grant preliminary approval to an eligible company and its
tourism attraction project based upon:
(1) The
information contained in the written request submitted to the authority by the
secretary of the Tourism Development Cabinet;
(2) The application submitted to the Tourism
Development Cabinet for a tourism attraction project in accordance with
300
KAR 2:010, Section 3; and
(3) A completed Tourism Development Cabinet
Economic Incentive Disclosure Statement filed with the secretary of the Tourism
Development Cabinet as part of the application in accordance with
300
KAR 2:010, Section 3.
Section 3. Final Approval Standards. The
authority shall grant final approval to an eligible company and its tourism
attraction project based upon:
(1) The
information contained in the written request submitted to the authority by the
secretary of the Tourism Development Cabinet;
(2) The application submitted to the Tourism
Development Cabinet for a tourism attraction project in accordance with
300
KAR 2:010, Section 3;
(3) The written recommendation of the
secretary of the Tourism Development Cabinet in accordance with
300
KAR 2:010, Section 4; and
(4) The written report of the consulting firm
engaged by the Secretary of the Tourism Development Cabinet which evaluates the
eligible company's tourism attraction project.
Section 4. Agreement Contents. As part of an
agreement, the authority may require the approved company to:
(1) Grant access of its records to the
authority;
(2) Submit annual,
quarterly, or monthly progress reports to the authority; and
(3) Submit annual, quarterly, or monthly
financial reports to the authority.
Section 5. Incorporation by Reference.
(1) "Tourism Development Cabinet Economic
Incentive Disclosure Statement", 4/01, is incorporated by reference.
(2) This material may be inspected, copied,
or obtained, subject to applicable copyright law, at the Tourism Development
Cabinet, 24th Floor, Capital Plaza Tower, Frankfort, Kentucky 40601, Monday
through Friday, 8 a.m. to 4:30 p.m.
STATUTORY AUTHORITY:
KRS
148.857
