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HB 504/FN (BR 1631) - R. Palumbo, J. Bowling, Ro. Adams, R. Adkins, C. Belcher, B. Buckingham, J. Callahan, S. Cave, M. Cherry, J. Coleman, J. Crenshaw, R. Damron, J. Draud, T. Feeley, J. Fischer, D. Ford, J. Gooch, J. Haydon, C. Hoffman, T. Kerr, F. Nesler, R. Palmer, M. Rader, S. Riggs, D. Sims, K. Stein, J. Stewart, G. Tapp, R. Thomas, J. Turner, M. Weaver, S. Westrom, B. Yonts
AN ACT relating to economic development.
Create a new section of KRS Chapter 141 to define "agriculture," "horticulture," "manufacturing," "qualified property," and "qualified structure"; provide a business investment tax credit for a taxpayer who is not eligible for incentives granted in Subchapters 22, 24, 26, 28, and 29 of KRS Chapter 154 and who purchases qualified property that is located in Kentucky; restrict the time period during which an industry is eligible for the credit to 5 years that begins from the first calendar year that an industry claims a credit; allow an available credit equal to 8% of the cost of the qualified property purchased or leased; allow an available credit equal to 12% of the cost of the qualified property utilized in distressed counties; provide that the amount of the credit shall be the lesser of the amount of the available credit or the amount by which the current taxable year's income tax liability, computed without regard to the credit, exceeds the prior taxable year's income tax liability by the lesser of 105% or $25,000; allow for any unused credit to be carried forward indefinitely; require a taxpayer who claims this credit, at an incrementally descending rate, to repay the credit if the qualified property or structure is disposed of or is removed from the state; amend KRS 141.0205 to include the business investment tax credit.
HB 504 - AMENDMENTS
HCS/FN - Create a new section of KRS Chapter 141 to define "agriculture," "horticulture," "manufacturing," "qualified property," and "qualified structure"; provide a business investment tax credit for a taxpayer who is not eligible for incentives granted in Subchapters 22, 24, 26, 28, and 29 of KRS Chapter 154 and who purchases qualified property that is located in Kentucky; restrict the time period during which an industry is eligible for the credit to 5 years that begins from the first calendar year that an industry claims a credit; allow an available credit equal to 8% of the cost of the qualified property purchased or leased; allow an available credit equal to 12% of the cost of the qualified property utilized in distressed counties; provide that the amount of the credit shall be the lesser of the amount of the available credit or the amount by which the current taxable year's income tax liability, computed without regard to the credit, exceeds the prior taxable year's income tax liability by the lesser of 5% or $25,000; allow for any unused credit to be carried forward indefinitely; require a taxpayer who claims this credit, at an incrementally descending rate, to repay the credit if the qualified property or structure is disposed of or is removed from the state; amend KRS 141.0205 to include the business investment tax credit.
Jan 27-introduced in House
Jan 28-to Economic Development (H)
Feb 9-posting waived
Feb 24-reported favorably, 1st reading, to Calendar with Committee Substitute
Feb 25-2nd reading, to Rules
Feb 28-recommitted to Appropriations and Revenue (H)
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