KY HB533 | 2020 | Regular Session

Status

Spectrum: Partisan Bill (Democrat 6-0)
Status: Introduced on February 28 2020 - 25% progression
Action: 2020-03-02 - to Appropriations & Revenue (H)
Pending: House Appropriations and Revenue Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Create a new section of KRS Chapter 6 to state definitions and require a 4-year maximum period for all new tax expenditures enacted after the effective date of this Act; create a new section of KRS Chapter 6 to require the Interim Joint Committee on Appropriations and Revenue to evaluate tax expenditures and make recommendations to the General Assembly during each odd-numbered year; amend KRS 154.12-2035 to include additional tax incentives within the current reports required to be made by the Cabinet for Economic Development; amend KRS 131.030 to require reporting by the Department of Revenue to the Cabinet for Economic Development; amend KRS 131.190 to allow the data to be reported by the Department of Revenue; create a new section of KRS Chapter 230 to require reporting by the Kentucky Horse Racing Commission; create a new section of KRS Chapter 139 to establish a refund process for the new and expanded industry exemption; amend KRS 139.480 to allow the refund process for the new and expanded industry exemption; amend KRS 141.434 to require reporting on the New Markets Development Program tax credit by the Department of Revenue to the Interim Joint Committee on Appropriations and Revenue; amend KRS 139.470 to conform; amendment to KRS 139.480 EFFECTIVE August 1, 2020.

Tracking Information

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Title

AN ACT relating to tax expenditures.

Sponsors


History

DateChamberAction
2020-03-02Houseto Appropriations & Revenue (H)
2020-02-28Houseintroduced in House

Subjects


Kentucky State Sources


Bill Comments

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