Current through Register Vol. 50, No. 6, December 1, 2023
RELATES TO: KRS 154.12-100, 154.20-234-154.20-236,
154.20-255-154.20-256, 154.26-080, 154.27-020-154.27-030,
154.30-030-154.30-060, 154.31-020-154.31-030, 154.32-020-154.32-030,
154.34-070, 154.60-020
NECESSITY, FUNCTION AND CONFORMITY: KRS 154.12-100(2),
154.20-236(3), 154.20-256(11), 154.26-080(1), 154.27-030(10), 154.30-030(2)(b),
154.31-030(2), 154.32-030(2)(a), 154.34-070(2), and 154.60-030 authorize the
Kentucky Economic Development Finance Authority to establish additional
procedures and standards for the application process for various incentive
programs. KRS 154.20-033 authorizes the Kentucky Economic Development Finance
Authority to impose fees in conjunction with the application process. This
administrative regulation incorporates by reference the applications for
economic development incentives and establishes the fee structure.
Section 1. Application Process for Kentucky
Business Investment (KBI) Program. In addition to the requirements of KRS 154.32-030, the applicant shall provide:
(1)
All information required by the Application for Kentucky Business Investment
(KBI) Program;
(2) An application
fee in the amount of $1,000; and
(3) An administrative fee equal to one-fourth
(1/4) of one (1) percent of the incentive amount authorized in the tax
incentive agreement up to a maximum of $50,000.
Section 2. Application Process for Kentucky
Enterprise Initiative Act (KEIA) Program. In addition to the requirements of
KRS 154.31-030, the applicant shall provide:
(1) All information required by the
Application for Kentucky Enterprise Initiative Act (KEIA); and
(2) An application fee in the amount of
$500.
Section 3.
Application Process for Kentucky Economic Development Bond (EDB) Program. In
addition to the requirements of KRS 154.12-100, the applicant shall provide all
information required by the Application for Economic Development Bond
(EDB).
Section 4. Application
Process for Kentucky Angel Investment Tax Credit Program. In addition to the
requirements of KRS 154.20-234, the applicant shall provide:
(1) For qualified small businesses:
(a) All information required by the
Application for: Kentucky Angel Investment Act Qualified Small Business
Certification; and
(b) A
non-refundable application fee of twenty-five (25) dollars;
(2) For qualified investors:
(a) All information required by the
Application for: Kentucky Angel Investment Act Qualified Investor
Certification; and
(b) A
non-refundable application fee of twenty-five (25) dollars; and
(3) For applicants seeking a
qualified investment:
(a) All information
required by the Application for: Kentucky Angel Investment Act Qualified
Investment; and
(b) A
non-refundable application fee of $250.
Section 5. Application Process for Incentives
for Energy Independence Act (IEIA) Program. In addition to the requirements of
KRS 154.27-030, the applicant shall provide:
(1) All information required by the Kentucky
Economic Development Financing Authority (KEDFA) Application for Incentives for
Energy Independence Act (IEIA) Tax Incentive Program;
(2) An application fee of $1,000;
and
(3) Upon final approval and
execution of the tax incentive agreement, an administrative fee equal to
one-fourth (1/4) of one (1) percent of the incentives authorized in the tax
incentive agreement, not to exceed $50,000. This administrative fee shall be
exclusive of any expert consultant or legal fees that may be due, pursuant to
the application required by subsection (1) of this section.
Section 6. Application for
Kentucky Small Business Tax Credit (KSBTC) Program. In addition to the
requirements of KRS 154.60-020, the applicant shall provide:
(1) All information required by the
Application for Kentucky Small Business Tax Credit (KSBTC) Program;
and
(2) A non-refundable
application fee equal to one (1) percent of the qualifying tax credit
amount.
Section 7.
Application Process for Tax Increment Financing (TIF) Program. In addition to
the requirements of KRS 154.30-030, the applicant shall provide:
(1) All information required by the
Application for Kentucky Tax Increment Financing (TIF) Program;
(2) An application fee in the amount of
$1,000; and
(3) Prior to final
approval, an administrative fee equal to one-fourth (1/4) of one (1) percent of
the final, authorized incentive amount, up to a maximum of $50,000. This
administrative fee shall be exclusive of any expert consultant or legal fees
that may be due pursuant to the application required by subsection (1) of this
section.
Section 8.
Application Process for Kentucky Industrial Revitalization Act (KIRA) Tax
Credit Program. In addition to the requirements of KRS 154.26-080, the
applicant shall provide:
(1) All information
required by the Application for Kentucky Industrial Revitalization Act (KI-RA)
Program;
(2) A non-refundable
application fee of $500; and
(3) An
administrative fee equal to one-tenth (1/10) of one (1) percent of the final
KIRA amount authorized in the KIRA Agreement. This administrative fee shall be
exclusive of any legal fees that may be due for preparation of the KIRA
agreement and pursuant to the application required by subsection (1) of this
section.
Section 9.
Application Process for Kentucky Investment Fund Act (KIFA) Tax Credit Program.
In addition to the requirements of KRS 154.20-255, the applicant shall provide:
(1) All information required by the
Application for Kentucky Investment Fund Act (KIFA) Tax Credit
Program;
(2) A non-refundable
application fee of $1,000;
(3) A
one (1) time administrative fee equal to one-tenth (1/10) of one (1) percent of
the total approved tax credits at the time of execution of the KIFA Agreement
and prior to its effectiveness; and
(4) An annual fee of one-tenth (1/10) of one
(1) percent of the fund's allocated tax credits.
Section 10. Application Process for Kentucky
Reinvestment Act (KRA) Program. In addition to the requirements of KRS 154.34-070, the applicant shall provide:
(1)
All information required by the Application for Kentucky Reinvestment Act (KRA)
Program;
(2) An application fee in
the amount of $1,000; and
(3) Prior
to final approval, an administrative fee equal to one-fourth (1/4) of one (1)
percent of the final KRA amount authorized in the KRA Agreement up to a maximum
of $50,000. This administrative fee shall be exclusive of any legal fees that
may be due for the preparation of the KRA Agreement and pursuant to the
application required by subsection (1) of this section.
Section 11. Incorporation by Reference.
(1) The following material is incorporated by
reference:
(a) "Application for Kentucky
Business Investment (KBI) Program", 7/2015;
(b) "Application for Kentucky Enterprise
Initiative Act (KEIA)", 7/2015;
(c)
"Application for Economic Development Bond (EDB)", 7/2015;
(d) "Application for: Kentucky Angel
Investment Act Qualified Small Business Certification", 7/2015;
(e) "Application for: Kentucky Angel
Investment Act Qualified Investor Certification", 7/2015;
(f) "Application for: Kentucky Angel
Investment Act Qualified Investment", 7/2015;
(g) "Kentucky Economic Development Finance
Authority (KEDFA) Application for Incentives for Energy Independence Act (IEIA)
Tax Incentive Program", 6/2011;
(h)
"Application for Kentucky Small Business Tax Credit (KSBTC) Program", 6/2015;
(i) "Application for Kentucky Tax
Increment Financing (TIF)" Program, 6/2015;
(j) "Application for Kentucky Industrial
Revitalization Act (KIRA) Program", 1/2009;
(k) "Application for Kentucky Investment Fund
Act (KIFA) Tax Credit Program", 10/2014; and
(l) "Application for Kentucky Reinvestment
Act (KRA)", 7/2015.
(2)
This material may be inspected, copied, or obtained, subject to applicable
copyright law, at the Cabinet for Economic Development, Old Capitol Annex, 300
West Broadway, Frankfort, Kentucky, Monday through Friday, 8:00 a.m. to 4:30
p.m.
39 Ky.R. 359;
767; eff. 11-2-12; 42 Ky.R. 857; 1729; eff.
1-4-2016.
STATUTORY AUTHORITY: KRS 154.12-100(2), 154.20-033(1)(b),
154.20-236(3), 154.20-256(11), 154.26-080(1), 154.27-030(10), 154.30-030(2)(b),
154.31-030(2), 154.32-030(2)(a), 154.34-070(2),
154.60-030
