24RS HB 58

House Bill 58

Actions

Last Action	01/17/24: to Economic Development & Workforce Investment (H)
Title	AN ACT relating to economic fiscal matters.
Bill Documents	Introduced
Bill Request Number	1200
Sponsors	K. Fleming, J. Tipton, S. Bratcher
Summary of Original Version	Create new sections of KRS Chapter 7A to establish the Tax Expenditure and Economic Development Incentive Review Board and specify the board's membership, authority, powers and duties; establish requirements for board meetings; establish requirements for when the General Assembly enacts new tax expenditures or economic development incentives; require agencies to assign taxpayers a unique number for purposes of reporting tax expenditures and economic development incentives; amend KRS 11.068 to require the annual production of a detailed estimate of the revenue loss resulting from each tax expenditure and economic development incentive from the general fund and road fund; amend KRS 131.020 to require the Department of Revenue to collect, report, and provide data to the Tax Expenditure and Economic Development Incentive Review Board; amend KRS 131.190 to allow the Department of Revenue to provide confidential data to the Tax Expenditure and Economic Development Incentive Review Board.
Index Headings of Original Version	Economic Development - Tax Expenditure and Economic Development Incentive Review Board, establishment, duties General Assembly - Tax Expenditure and Economic Development Incentive Review Board, establishment, duties Legislative Research Commission - Tax Expenditure and Economic Development Incentive Review Board, establishment, duties State Agencies - Department of Revenue, reporting requirement Taxation, Property - Tax Expenditure and Economic Development Incentive Review Board, establishment, duties Taxation, Sales and Use - Tax Expenditure and Economic Development Incentive Review Board, establishment, duties Taxation, Severance - Tax Expenditure and Economic Development Incentive Review Board, establishment, duties Auditor of Public Accounts - Tax Expenditure and Economic Development Incentive Review Board, establishment, duties Budget and Financial Administration - Estimate of revenue loss, tax expenditures and economic development incentives, publication Reports Mandated - Tax Expenditure and Economic Development Review Board, annual report Advisory Boards, Commissions, and Committees - Tax Expenditure and Economic Development Incentive Review Board, establishment, duties Taxation - Tax Expenditure and Economic Development Incentive Review Board, establishment, duties Taxation, Income--Corporate - Tax Expenditure and Economic Development Incentive Review Board, establishment, duties Taxation, Income--Individual - Tax Expenditure and Economic Development Incentive Review Board, establishment, duties Taxation, Inheritance and Estate - Tax Expenditure and Economic Development Incentive Review Board, establishment, duties

01/02/24	introduced in House to Committee on Committees (H)
01/17/24	to Economic Development & Workforce Investment (H)