Kentucky Revised Statutes Title XI. Revenue and Taxation § 139.535.Sales and use tax incentive for approved companies on qualifying purchases for economic development projects approved under KRS 154.31-030

(1) As used in this section:

(2) Notwithstanding any provision of KRS 139.770 to the contrary, an approved company may receive a refund of sales and use tax paid on approved expenses after execution of the agreement for building and construction materials, and equipment used in research and development or for electronic processing at an economic development project as provided in the agreement executed under KRS 154.31-030.

(4) The approved company shall have no obligation to refund or otherwise return any amount of the sales and use tax refund received to the person who originally collected the tax and remitted it to the Commonwealth.

(5) An approved company shall execute information-sharing agreements prescribed by the department with contractors, vendors, and other related parties so that the department may verify expenditures and sales and use tax paid.

(6) Interest shall not be allowed or paid on any incentives paid under this section. The department may examine any distribution of sales and use tax incentives within four (4) years from the date the final application for sales and use tax incentives is received. An overpayment resulting from the examination shall be repaid to the State Treasury. Any amount required to be repaid is subject to the interest provisions of KRS 131.183 and to the penalty provisions of KRS 131.180.

(7) The department may promulgate administrative regulations in accordance with KRS Chapter 13A, and shall require the filing of forms designed by the department to reflect the intent of this section.