Kentucky House Bill 424 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 17 2016 - 25% progression, died in chamber
Action: 2016-02-18 - to Appropriations & Revenue (H)
Text: Latest bill text (Draft #1) [PDF]

Amend KRS 171.396 to increase the certified rehabilitation credit cap to $10 million and divide the cap by establishing a $1 million owner-occupied residential property credit cap and a $9 million credit cap for all other properties; amend KRS 171.397 to provide that the tax credit is available for applications for a preliminary approval received before April 30, 2021, and modify the distribution of the credit from a pass-through entity to its partners, members, or shareholders based on a written partnership or written operating agreement; create new sections of KRS Chapter 171 to establish the catalytic commercial project credit, set out the purposes of the tax credits, and require reporting of data to the Legislative Research Commission; amend KRS 141.0205 to order the income tax credit; create new sections of KRS Chapter 136 to establish credit ordering for credits against the bank franchise tax and the insurance premiums taxes; apply to taxable years beginning on or after January 1, 2017; EMERGENCY.

AN ACT relating to the certified rehabilitation tax credit for historic properties and declaring an emergency.

Rep. Rick Rand [D]

Date	Chamber	Action
2016-02-18	House	to Appropriations & Revenue (H)
2016-02-17	House	introduced in House

Type	Source
Summary	http://www.lrc.ky.gov/record/16RS/HB424.htm
Text	http://www.lrc.ky.gov/record/16RS/HB424/bill.pdf