65.7044 Oversight and responsibility for Commonwealth's participation in tax

233 words·~1 min read·/ky/65-7044

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

increment financing.

(1)Oversight and responsibility for the Commonwealth's participation in tax increment

financing shall be transferred from the Tax Increment Financing Commission to the

Kentucky Economic Development Finance Authority, established by KRS 154.20-

010, on July 15, 2008.

(2)On and after July 15, 2008, the Tax Increment Financing Commission and the

Division of Tax Increment Financing within the Office of the Commissioner in the

Department of Revenue shall cease to exist.

(3)All documentation and records relating to state participation in all tax increment

financing programs and all agreements authorized by all prior and existing statutes

shall be transferred by the Tax Increment Financing Commission and the Division

of Tax Increment Financing to the Kentucky Economic Development Finance

Authority.

(4)The Division of Tax Increment Financing shall obtain authorization from all

affected entities prior to the transfer of any confidential tax information to the

Kentucky Economic Development Finance Authority.

(5)Members of the Tax Increment Financing Commission and staff of the Division of

Tax Increment Financing shall cooperate fully with the Kentucky Economic

Development Finance Authority in the transfer of all necessary records and

information.

(6)Tax increment financing projects established under prior tax increment financing

laws and agreements entered into under prior tax increment financing laws shall be

administered and interpreted in accordance with the law in effect at the time the

project was approved and the agreement entered into.