Current through Register Vol. 50, No. 9, March 1, 2024
RELATES TO:
KRS 148.544
NECESSITY, FUNCTION, AND CONFORMITY:
KRS 148.546 requires
the Film Office within the Tourism, Arts and Heritage Cabinet to establish
standards for the making of an application for incentives and to set forth the
fees for application for incentives. This administrative regulation establishes
these standards.
Section 1.
Definitions.
(1) "Application" means the
Kentucky Film Office Film Production Company Refundable Tax Credit
Application.
(2) "Authority" means
the Kentucky Tourism Development Finance Authority.
(3) "Eligible company" is defined by
KRS
148.542(10).
(4) "Motion Picture or Entertainment
Production" is defined by
KRS
148.542(14).
(5) "Office" is defined by
KRS
148.542(16).
Section 2. Application.
(1) An eligible company wishing to receive
incentives for filming a motion picture or entertainment production in the
Commonwealth shall file three (3) copies of the application with the office at
least thirty (30) days prior to incurring any expenditure.
(2) In addition to the information included
in the application as set forth in
KRS 148.546, an
eligible company shall promptly submit any supporting documentation or
information requested by the Office.
Section 3. Recommendation. Prior to making a
recommendation on whether to enter into a tax incentive agreement with the
eligible company to the Authority, the office shall fully consider:
(1) The eligible company's ability to meet
the expenditure requirements of
KRS
148.544(3);
(2) The written application submitted by the
eligible company; and
(3) All other
supplemental information submitted by the eligible company.
Section 4. Agreement.
(1) Upon recommendation of the Film Office,
the Authority may authorize by resolution the execution of a tax incentive
agreement which shall include the provisions required by
KRS
148.546(4).
(2) Upon execution of the agreement, the
eligible company shall submit the greater of:
(a) $500; or
(b) One-half (0.5) percent of the estimated
amount of tax incentive sought.
(3) If the eligible company wishes to
increase the amount of qualified expenditures, the eligible company:
(a) Shall apply for the increase at least
thirty (30) days prior to spending any amounts for which an incentive is
sought;
(b) Shall not be eligible
for amounts spent in excess of the initial total of approved expenditures prior
to the execution of an amended agreement; and
(c) Shall submit an additional fee which
shall be the greater of:
1. $500; or
2. One-half (0.5) percent of the estimated
amount of increased tax incentive sought.
Section 5. Incorporation by
Reference.
(1) The "Kentucky Film Office Film
Production Company Refundable Tax Credit Application", 07/09, is incorporated
by reference.
(2) This material may
be inspected, copied, or obtained, subject to applicable copyright law, at the
office of the Tourism Cabinet, 24th Floor, Capital Plaza Tower, 500 Mero
Street, Frankfort, Kentucky, Monday through Friday, 8 a.m. to 4:30
p.m.
STATUTORY AUTHORITY:
KRS
148.546