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Incentives for Energy Independence (Kentucky)
EZFeed/Relevant Yes  +
Incentive/Active true  +
Incentive/ApplDsc Commercial  +
Incentive/Auth2Code KRS § 139.517-518  +
Incentive/Auth2Link  +
Incentive/Auth3Code KRS § 154.27-010 et seq.  +
Incentive/Auth3DtEff 2008-01-01  +
Incentive/Auth3DtEnact 2007-08-30  +
Incentive/Auth3Link  +
Incentive/Auth4Code 307 KAR 1:040  +
Incentive/Auth4Link  +
Incentive/AuthCode 103 KAR 31:190  +
Incentive/AuthLink  +
Incentive/Cont2Addr 501 High Street  +
Incentive/Cont2Dept Kentucky Department of Revenue  +
Incentive/Cont2Name Taxpayer Services  +
Incentive/Cont2Phone (502) 564-4581  +
Incentive/Cont2Phone2 (502) 564-3875  +
Incentive/Cont2Place Frankfort, Kentucky  +
Incentive/Cont2Website  +
Incentive/Cont2Zip 40620  +
Incentive/ContAddr Old Capitol Annex  +
Incentive/ContAddr2 300 West Broadway  +
Incentive/ContDept Kentucky Cabinet for Economic Development  +
Incentive/ContDiv Department of Financial Incentives  +
Incentive/ContEmail  +
Incentive/ContName Don Goodin  +
Incentive/ContPhone (502) 564-4554 Ext:3413  +
Incentive/ContPlace Frankfort, Kentucky  +
Incentive/ContWebsite  +
Incentive/ContZip 40601  +
Incentive/EnergyCat Renewable Energy Incentive Programs  +
Incentive/FundSrc General Funds  +
Incentive/ImplSector State/Territory  +
Incentive/MaxInc 100% of the corporate income tax<br /> 100% of Limited Liability Entity Tax<br /> 4% of gross wages of each employee<br /> All tax credits combined may not exceed 50% of the capital investment in the project  +
Incentive/Name Incentives for Energy Independence  +
Incentive/ProgAdmin Kentucky Cabinet for Economic Development (Dept. of Financial Incentives)  +
Incentive/StartDate January 1, 2008  +
Incentive/StartDateString 2008-01-01  +
Incentive/Summary In August 2007 Kentucky established the ''
In August 2007 Kentucky established the ''Incentives for Energy Independence Act'' to promote the development of renewable energy and alternative fuel facilities, energy efficient buildings, alternative fuel vehicles, research & development activities and other energy initiatives. For renewable energy facilities, the bill provides incentives to companies that build or renovate facilities that utilize renewable energy, which may include: * up to 100% of the Kentucky income tax or the limited liability entity tax * sales and use tax incentives of up to 100% * a wage assessment of up to 4% for associated employees * advanced disbursement of post-construction incentives A renewable energy facility is defined as one that generates at least 50 kW of electricity from solar power or at least 1 MW from wind power, biomass resources, landfill gas, hydropower or similar renewable resources. The electricity must be sold to an unrelated party. The minimum investment in any renewable energy facility must be $1 million in capital expenditure which is defined to include various non-capital costs such as labor.<br> <br> The tax credit allows approved facilities to receive a credit up to 100% of Kentucky income tax and the limited liability tax for projects that construct, retrofit or upgrade facilities that generate power from renewable resources.<br> <br> In addition, companies may also receive a sales tax incentive of up to 100% of the Kentucky sales and use tax paid (on or after the activation date) on materials, machinery and equipment used to construct, retrofit or upgrade an eligible project.<br> <br> Approved companies may also require that employees whose jobs were created as a result of the associated project, as a condition of employment, agree to pay a wage assessment of up to 4% of their gross wages. Employees will be allowed a Kentucky income tax credit equal to the assessment withheld from their wages.<br> <br> The maximum recovery for a single project from all incentives, including the income and liability entity tax credit, sales tax refund and the wage assessment, may not exceed 50% of the capital investment.<br> <br> Prior to making any capital investments in a project, each eligible company must submit an application for incentives to the Kentucky Economic Development Finance Authority. There is a $1,000 application fee. Each incentive contract is negotiated on a case-by-case basis to determine the conditions and termination date of the project, not to exceed 25 years from the project's activation date. There is also a 0.25% administrative fee assessed after the final incentives package is settled (capped at $50,000).
es package is settled (capped at $50,000).  +
Incentive/TechDsc Solar Thermal Electric + , Photovoltaics + , Landfill Gas + , Wind + , Biomass + , Hydroelectric energy + , Renewable Fuels +
Incentive/Terms 1,000,000 minimum capital investment<br /> Solar power facilities must generate at least 50 kW<br /> Other energy facilities must generate at least 1 MW<br /> Negotiated incentive package may not exceed 25 years  +
Incentive/Type Industry Recruitment/Support +
OpenEI/PageDescription Incentives for Energy Independence: energy incentive program.  +
OpenEI/PageKeyword Energy Incentives  + , Kentucky  + , Industry Recruitment/Support  + , Kentucky Cabinet for Economic Development (Dept. of Financial Incentives)  +
Place Kentucky: Energy Resources +
Website  +
Categories Financial Incentive Programs , Pages with reference errors , Incentive with Contacts , Incentive with Authorities
Modification date
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21:53:03, 12 February 2015  +
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