Statutes > Kentucky Statutes > Subchapter 20 Financing of Development Generally > 154.20.285 Investment in single knowledge-based entity -- Investment by local governments -- Transfer of tax credits.

154.20.285 Investment in single knowledge-based entity -- Investment by local governments -- Transfer of tax credits.

Download pdf

Loading PDF...


Page 1 of 1 154.20-285 Investment in single knowledge-based entity -- Investment by local governments -- Transfer of tax credits. Notwithstanding the provisions of KRS 154.20-254, 154.20-255, and 154.20-258, an <br>investment fund approved by the Kentucky Economic Development Finance Authority <br>after July 1, 2004, and otherwise qualified for tax credits pursuant to the Kentucky <br>Investment Fund Act as set forth in KRS 154.20-250 to 154.20-284, may invest up to one <br>hundred percent (100%) of its committed cash contributions in a single knowledge-based <br>entity. A city, county, other local governmental entity, or any entity approved by the <br>Kentucky Economic Development Finance Authority, may invest in an investment fund <br>created for this purpose and may transfer, for some or no consideration, any or all of the <br>tax credits received pursuant to the Kentucky Investment Fund Act to a private entity. The <br>Kentucky Economic Development Finance Authority shall have discretion to approve or <br>deny applications for entities seeking credits pursuant to this section. Effective: April 21, 2004 <br>History: Created 2004 Ky. Acts ch. 142, sec. 3, effective April 21, 2004.