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154.12.224 Department of Financial Incentives.

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Page 1 of 2 154.12-224 Department of Financial Incentives. (1) There is created in the Cabinet for Economic Development the Department of Financial Incentives. The department shall be headed by a commissioner appointed <br>by the Governor pursuant to KRS 12.040. The department shall coordinate all <br>financial assistance, tax credit, and related programs available for business and <br>industry. (2) The department shall include the following divisions, each of which shall be headed by a director appointed by the secretary pursuant to KRS 12.050: <br>(a) The Grant Programs Division, which shall supervise and manage the Economic Development Bond Program, as set forth in KRS 154.12-100, and <br>the Local Government Economic Development Program, as set forth in KRS <br>42.4588; (b) The Direct Loan Programs Division, which shall supervise and manage the Direct Loan Program of the Kentucky Economic Development Finance <br>Authority, as set forth in 307 KAR 1:020, and the Small Business Loans <br>Branch; (c) The Tax Incentive Programs Division, which shall supervise and manage the Kentucky Industrial Development Act Program, as set forth in KRS 154.28-<br>010 et seq., the Kentucky Jobs Development Act Program, as set forth in KRS <br>154.24-010 et seq., the Kentucky Industrial Revitalization Act Program, as set <br>forth in KRS 154.26-010 et seq., the Kentucky Rural Economic Development <br>Act Program, as set forth in KRS 154.22-010 et seq., and the Kentucky <br>Enterprise Initiative Program, as set forth in KRS 154.20-200 to 154.20-216; <br>and (d) The Program Servicing Division, which shall perform auditing, monitoring, and compliance functions for the Grant Programs Division, the Direct Loan <br>Programs Division, and the Tax Incentive Programs Division within the <br>Department of Financial Incentives. (3) The department shall also include the following entities: (a) The Kentucky investment fund, established by KRS 154.20-250 to 154.20-284, which shall be attached to the department for administrative purposes <br>and staff support; and (b) The Bluegrass State Skills Corporation, established by KRS 154.12-204 to 154.12-208, which shall be attached to the department. Effective: March 18, 2005 <br>History: Amended 2005 Ky. Acts ch. 168, sec. 47, effective March 18, 2005. -- Amended 2002 Ky. Acts ch. 230, sec. 14, effective July 15, 2002. -- Amended 1998 <br>Ky. Acts ch. 414, sec. 17, effective July 15, 1998. -- Amended 1996 Ky. Acts <br>ch. 263, sec. 1, effective July 15, 1996. -- Created 1994 Ky. Acts ch. 499, sec. 3, <br>effective July 15, 1994. Legislative Research Commission Note (3/18/2005). 2005 Ky. Acts ch. 168, sec. 165, provides that this section shall apply to tax years beginning on or after January 1, <br>2005. Page 2 of 2 Legislative Research Commission Note (7/15/2002). Although this section is included in 2002 Ky. Acts ch. 230, the proposed change was deleted by Senate committee <br>substitute.