65.7083 Payment and release of incremental revenues -- Duties of local taxing

227 words·~1 min read·/ky/65-7083

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districts and Department of Revenue.

(1)Any agency that enters into a local participation agreement or local

development area agreement for the release of incremental revenues during

the period of a local participation agreement or local development area

agreement shall, after each calendar year, in which a local participation

agreement or local development area agreement is in effect, notify each taxing

district obligated under the local participation agreement or local development

area agreement that incremental revenues are due and, in consultation with

each taxing district, the agency shall determine the amount of incremental

revenues due from each taxing district.

(2)Upon notice from the agency, each taxing district obligated under a local

participation agreement or local development area agreement shall release to the

agency the incremental revenues due under the local participation agreement or

local development area agreement. The agency shall certify to the authority on a

calendar year basis the amount of incremental revenues and occupational license

fees collected where applicable.

(3)The local taxing district shall have no obligation to refund or otherwise return any

of the incremental revenues to the taxpayer from whom the incremental revenues

arose or are attributable. Further, no additional incremental revenues resulting from

audit, amended returns, or other activity for any period shall be transferred after the

initial release to the agency of the taxing district's increment for that period.