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Tax Increment Financing (TIF)

Click here to view a list of active state participation Tax Increment Financing projects.

  • Tax Increment Financing (TIF)(PDF)
    Tax increment financing (TIF) is a tool to use future gains in taxes to finance the current improvements that will create those gains. The state participates with local governments and eligible agencies in three TIF programs: the Commonwealth Participation Program for State Real Property Ad Valorem Tax Revenues, the Signature Project Program, and the Commonwealth Participation Program for Mixed-Use Redevelopment in Blighted Urban Areas.
  • TIF Loan Support Program(PDF)
    Any agency with a Tax Increment Financing Signature Project approved by the former Tax Increment Financing Commission and which executed its tax incentive agreement prior to January 1, 2008 may apply for The Tax Increment Financing (TIF) Loan Support Program. The Loan Support Program facilitates a supplemental reserve fund to cover debt service related to the bond financing of the TIF project.
  • Local Redevelopment TIF (PDF)
    The program is available for use to redevelop blighted areas into mixed use development by using the incremental additional local taxes such as property or occupational taxes realized as a result of the development. The community or agency can request state participation in this program with certain additional requirements.
  • Local Vacant Land TIF (PDF)
    This program is available to develop vacant land by using the additional incremental local taxes, such as property or occupational taxes, realized as a result of the new development (example: construction of infrastructure at a local industrial park). State tax increment is not available for this type of development area.

Agri-business Opportunities

  • Kentucky Agricultural Development Fund
    The Kentucky Agricultural Development Fund provides incentives for innovative proposals that increase net farm income, stimulates markets for Kentucky agricultural products, creates new ways to add value to Kentucky agricultural products, and explores new opportunities for Kentucky farmers. For more information visit the Governor’s Office of Agricultural Policy’s website, agpolicy.ky.gov contact Angela Blank (502) 564-4627.
  • Kentucky Agricultural Finance Corporation
    The Kentucky Agricultural Finance Corporation provides capital access for agricultural diversification and infrastructure projects. Participating Loan Programs Include: Agricultural Infrastructure, Beginning Farmer, Diversification through Entrepreneurship in Agri-business and Large Animal Veterinary Programs. Direct Loan Programs include the Agricultural Process Loan Program and the Coordinated Value-Added Assistance Loan Program. For more information visit the Governor’s Office of Agricultural Policy’s KAFC website, kafc.ky.gov or contact Bill McCloskey at (502) 564-4627.

Other Business Incentives and Financial Programs

Tourism Development

The following tourism-related incentives are administered through the Kentucky Tourism, Arts and Heritage Cabinet.

  • Tourism Development Act
    The Tourism Development Act provides developers of approved new or expanding tourism projects the ability to recover up to 25% of the project’s development costs over a 10-year term. Projects including, but not limited to, lodging facilities constructed on state park, federal park or national forest lands are eligible to recover up to 50% of the development costs over a 20-year term.
  • Kentucky Film Incentive
    The Kentucky Film Incentive is designed to encourage the development of the film industry in Kentucky. The incentive provides qualifying applicants the ability to recover up to 20% of qualified expenditures through a refundable income tax credit. Qualifying applicants must invest a minimum of $50,000 for documentaries and national touring Broadway shows, $200,000 for commercials, $500,000 for full-length films.

Other Business Incentives and Financial Programs

  • Bluegrass State Skills Corporation Grant Reimbursement Program 
    Provides matching grant funds for customized business and industry-specific training programs.
  • Direct Loan Program (KEDFA) (PDF)KEDFA encourages economic development business expansion and job creation by providing business loans to supplement other financing. The Direct Loan Program provides loans at below-market interest rates (subject to the availability of state revolving loan funds) for fixed asset financing for agribusiness, tourism, industrial ventures, or the service industry. Retail projects are not eligible.
  • Small Business Loan Program (PDF)The Small Business Loan Program is designed to helps small businesses acquire funding needed to start or grow their small business. A small business must be engaged in manufacturing, agribusiness, or service and technology. Loan funds may be used to acquire land and buildings, purchase and install equipment, or for working capital. The minimum loan amount of $15,000 and the maximum is $100,000. The approved company must create one new full-time job within one year of the loan closing. The Kentucky Economic Development Finance Authority (KEDFA) can fund up to 100% of the project costs and the loan can be used in conjunction with other lenders. The term of the loan can range from 3-10 years.
  • Enterprise Zones(PDF) 
    Encourages new or renewed development to targeted areas of the state by offering special tax incentives and eased regulations to businesses locating in a zone.
  • Kentucky Enterprise Initiative Act (KEIA)(PDF)For new or expanded service or technology, manufacturing, or tourism attraction project in Kentucky. KEIA provides a refund of sales and use tax paid by approved companies for construction materials and building fixtures. It is also available for sales and use tax refunds for equipment used in research and development.
  • Industrial Revenue Bonds – IRB (PDF)IRBs issued by state and local governments in Kentucky can be used to finance manufacturing projects and their warehousing areas, major transportation and communication facilities, most health care facilities, and mineral extraction and processing projects.

IRB Procedures

  • Angel Capital Electronic Network (ACE-NET) Listing service to facilitate exchange of information between entrepreneurs and investors.
  • Commonwealth Small Business Development Corporation-CSBDCSBA 504 Loan Program.
  • Community Development Block Grants Loans – CDBG Federally funded low interest loans.
  • Kentucky Tourism Development Act – KTDA Incentives for qualified new or expanded tourism projects.
  • Linked Deposit ProgramLoans up to $100,000 for small business and agribusiness.
  • Local Government Economic Development Fund – LGEDFThe Local Government Economic Development Fund provides funding to counties in coal producing areas to help diversify their economies. The “multi-county” pool of funds which helps to finance joint ventures between eligible counties is administered by the Cabinet for Economic Development. For more information contact Andrew Dennis at 502-564-7140.
  • Tax Increment Financing

 



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