| Eligibility Requirements: |
1. Eligible projects include those that meet KREDA, KIDA, KDJA or KEOZ requirements. The infrastructure includes real estate acquisition, site preparation, and the construction or improvements of roads and facilities. Each development area is approved for 20 years. Eligible costs may be up 100% of of the incremental real estate taxes, excluding the school and fire districts.
2. The company must make a minimum capital investment of $10 million dollars and create 25 new full-time jobs for Kentucky residents. The project must have a positive impact on the state and must be for new economic activity. Eligible projects include transportation services, information technology, commercial, industrial, recreational, tourism or education related project. Those eligible incremental taxes are personal income, sales and use, property taxes(excluding school & fire districts), local insurance premium taxes, occupational license fees and other state taxes as determined by the Revenue Cabinet. Agreement may last for 20 years.
3. Funds are available for projects not receiving state funds or requiring state review. Any project that makes a contribution to the economic development of the state is eligible. Eligible costs may be covered up to 100% of the incremental property taxes, excluding state, school and fire district taxes. Employee wage assessments may also be used. The TIF district may exist for 20 years and only previously undeveloped land of 500 acres is eligible in a 12 month period. |
