Kentucky House Bill 312 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Republican 5-2)
Status: Introduced on February 6 2018 - 25% progression, died in committee
Action: 2018-02-08 - to Appropriations & Revenue (H)
Pending: House Appropriations and Revenue Committee
Text: Latest bill text (Draft #1) [PDF]

Amend KRS 141.068 to sunset the tax credit and require reporting by the Department of Revenue; amend KRS 141.396 to sunset the tax credit and require reporting by the Department of Revenue; amend KRS 154.20-232 to require reporting by the Cabinet for Economic Development; amend KRS 154.20-234 to sunset the tax credit provisions and to outline the types of investment that may be accepted to qualify for the tax credit; amend KRS 154.20-236 to expand the amount of tax credits awarded to all investors to $5 million, to remove the overall tax combined credit cap of $40 million, to lower the percentage amount awarded to an investor if the qualified investment is outside an enhanced incentive county, and to sunset the tax credit; amend KRS 154.20-238 to allow the qualified investor to make the qualified investment and provide proof of the qualified investment within 80 days following the date of credit approval, including weekend and holidays; amend KRS 154.20-250 to require a report by the Cabinet for Economic Development; amend KRS 154.20-255 to require that the total tax credits for all investors not exceed $3 million in any calendar year, to remove the overall combined credit cap of $40 million, and to sunset the tax credit; amend KRS 154.20-258 to lower the percentage amount awarded to an investor if the qualified investment is outside an enhanced incentive county and increase the percentage amount awarded to an investor if the qualified investment is inside an enhanced incentive county; amend various sections of KRS Chapter 131 and 141 to conform; EMERGENCY.

AN ACT relating to tax credits and declaring an emergency.

Rep. Ken Fleming [R]	Rep. Diane St Onge [R]	Rep. Jim DeCesare [R]	Rep. Ruth Palumbo [D]
Rep. Phillip Pratt [R]	Rep. Russell Webber [R]	Rep. Susan Westrom [D]

Date	Chamber	Action
2018-02-08	House	to Appropriations & Revenue (H)
2018-02-06	House	introduced in House

Type	Source
Summary	http://www.lrc.ky.gov/record/18RS/HB312.htm
Text	http://www.lrc.ky.gov/recorddocuments/bill/18RS/HB312/bill.pdf
Supplement	http://www.lrc.ky.gov/recorddocuments/note/18RS/HB312/FN.pdf