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154.24.120 Service and technology agreement with respect to company's economic development project -- Contents.

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154.24-120 Service and technology agreement with respect to company's economic development project -- Contents. Before any approved company is granted inducements as prescribed in KRS 154.24-010 <br>to 154.24-150, a service and technology agreement with respect to the company's <br>economic development project shall be entered into between the authority and the <br>approved company. The terms and provisions of the agreement, including the amount of <br>approved costs, shall be determined by negotiations between the authority and the <br>approved company, except that each agreement shall include the following provisions: <br>(1) The term of an agreement shall not be longer than ten (10) years from the activation date established by the approved company. The activation date shall be any time <br>within two (2) years after the date of final approval of the agreement by the <br>authority. In order to implement the activation date, the approved company shall <br>notify the authority, the Kentucky Department of Revenue, the employees, and the <br>affected local jurisdictions, if any, of the activation date on which implementation <br>of the inducements authorized in the agreement shall occur. (2) The agreement shall include: (a) A description of the authorized inducements to be used by the approved company; (b) A provision that, if the total number of full-time employees at the site of the economic development project who are residents of the Commonwealth and <br>subject to the Kentucky income tax is less than fifteen (15), or in the case of <br>an existing Kentucky business the approved company fails to maintain the <br>increase of at least fifteen (15) full-time employees who are residents of the <br>Commonwealth and subject to the Kentucky income tax, the authorized <br>inducements shall be suspended for a period of up to one (1) year. If the <br>company does not have at least fifteen (15) new full-time employees at the site <br>who are residents of the Commonwealth and subject to Kentucky income tax <br>within one (1) year from the date of the initial suspension, the inducements <br>may be terminated at the discretion of the authority; (c) A provision that, if seventy-five percent (75%) or less of services provided by the approved company from the economic development project should be <br>provided to persons located outside of the Commonwealth during any fiscal <br>year of the approved company as prescribed in KRS 154.24-090, the <br>authorized inducements shall be suspended for a period of up to one (1) year. <br>If the percentage of these services does not exceed seventy-five percent (75%) <br>within one (1) year from the initial date of suspension, the inducements may <br>be terminated at the discretion of the authority; and (d) A provision that neither tax credits nor assessments are assignable without written consent by the authority. Effective: June 28, 2006 <br>History: Amended 2006 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 53, effective June 28, 2006. -- Amended 2005 Ky. Acts ch. 85, sec. 581, effective June 20, 2005. -- <br>Amended 2004 Ky. Acts ch. 105, sec. 11, effective July 13, 2004. -- Amended 2003 <br>Ky. Acts ch. 73, sec. 2, effective March 18, 2003. -- Amended 2002 Ky. Acts ch. 338, sec. 35, effective July 15, 2002. -- Amended 1996 Ky. Acts ch. 194, sec. 40, <br>effective July 15, 1996. -- Amended 1994 Ky. Acts ch. 450, sec. 17, effective July <br>15, 1994. </p> <BR></DIV><!-- /.col.one --><!-- /.col.two --></DIV><!-- /.col.main --></DIV><!-- /div id = content --> <BR class=clear></DIV> <!-- /div id = livearea --> <DIV></DIV><!-- /.col.one --> <DIV></DIV><!-- /.col.main --> <DIV></DIV><!-- /#content --><BR class=clear> <DIV></DIV><!-- /#livearea --> <!-- Footer--> <DIV id=footer> <DIV class=container> <P class=copyright>Copyright &copy; 2012-2022 Laws9.Com All rights reserved. </P><!-- /.copyright --> <P class=footerlinks><A href="/contactus.html">Contact Us</A> | <A href="/aboutus.html">About Us</A> | <A href="/terms.html">Terms</A> | <A href="/privacy.html">Privacy</A></P><!-- /.footerlinks --> </DIV><!-- /.container --> </DIV><!-- /footer --> </BODY></HTML>