(A) Pursuant to KRS 154.32-010 through 154.32-100, the city is required to participate in the Kentucky Business Investment Program to the extent local industries apply for state aid.
(B) The Kentucky Business Investment Program requires a local governmental agency to provide a 1% tax incentive to state businesses that apply for and are accepted into the Kentucky Business Investment Program.
(C) The City Commission desires to promulgate a procedure regulating certain procedures regarding the program, including, but not limited to, notification provisions and the filing of appropriate forms and/or returns to ascertain the amount of the incentives.
(D) All terms used in this section shall have the definitions as provided in KRS 154.32-010.
(E) The approved company as that term is defined under KRS 154.32-010(6) shall provide to the city the tax incentive agreement between the approved company and the authority (as that term is defined in KRS 154.32-010(8)).
(F) On or before the activation date, as that term is defined in KRS 154.32-010(1), the approved company shall provide to the city’s Finance Director the documentation as provided in KRS 154.32-030(1)(f).
(G) The approved company shall provide to the city the activation date, along with notification to the city of its intent to activate the tax incentives, in writing, not less than 30 days nor more than 120 days prior to the actual activation date.
(H) The approved company shall make available to the city all of its records pertaining to the economic development project, including, but not limited to, payroll records, records relating to eligible costs, and any other records pertaining to the economic development project that the city may require during the period of time for which the tax incentive agreement is in effect.
(I) The city incorporates herein by reference all provisions relating to the termination of the Kentucky Business Investment Program as set forth in KRS 154.32-010 et seq.
(J) If an approved company elects to deduct the state tax assessment from each payment of wages to an employee with the Authority or Commonwealth, the company may do the same with the city. However, if the approved company is required to or elects a reimbursement of state or local taxes in the aggregate after they have been paid to the respective jurisdiction, then the company shall receive reimbursement from the city, once per annum, after making the request, in writing, on the forms provided by the city, with said reimbursement being due and payable not later than 60 days after the approved company files the written request for reimbursement. For purposes of this division, regardless of which method the company uses for reimbursement/deduction with the Authority or Commonwealth, whether by election or otherwise, the company shall use the same method with the city. Further, provided, that said reimbursement request shall be filed not later than two years from the date that the approved company’s annual tax returns are initially due, without regard to any extensions received or allowed.
(K) Regardless of the election made pursuant to division (J) above, the approved company shall file, quarterly, with the city, the Franklin Employers Quarterly Return provided by the city, specifically addressing the issues related to the KBI Program. A copy of said form is attached to Ord. 221.10-06-2014. In addition, the company shall file a quarterly reconciliation of the city’s occupational license fees in a format substantially similar to the sample reconciliation form attached to Ord. 221.10-06-2014. If the company fails to comply with the provisions of this division (K), the company (or its representatives as the case may be) shall be subject to the penalty provisions set forth in § 114.080 of the city’s occupational licensing and gross receipts ordinance(s), as amended from time to time.
(Ord. 221.10-06-2014, passed 6-23-2014)