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HB 805 (BR 2134) - J. Gooch, J. Arnold Jr., S. Alexander, H. Anderson, B. Ausmus, III, E. Ballard, I. Branham, P. Childers, P. Clark, C. Ratliff, J. Vincent, B. Yonts
AN ACT relating to the development and use of natural resources.
Create new section of KRS Chapter 131 to allow any electric power company or any entity that owns or operates a coal fired electric generation plant to take a nonrefundable credit against taxes imposed under KRS 136.070, 136.120, 141.020 and 141.040; set the amount of the credit equal to $2 per ton of Kentucky coal purchased by the company that is above the amount of Kentucky coal purchased in the base year; set the base year equal to coal purchased in 1999 for existing companies and zero for new entities; require a company eligible for the credit to file a coal incentive credit claim on or before March 15; prescribe verification requirements for the coal purchased by the eligible company; require the Revenue Cabinet to determine the amount of the credit for which the company is eligible and issue a credit certificate; permit the eligible company to apply the amount of the credit listed in the credit certificate to the taxes imposed under KRS 136.070, 136.120, 141.020, and 141.040; sunset the credit after 10 years; permit the Revenue Cabinet to promulgate administrative regulations; amend KRS 141.0205 to include the coal incentive credit in the list of nonfundable credits.
HB 805 - AMENDMENTS
HCS - In Section 1, add the word "used" to the calculation of incentive tons; and add "and used to generate electricity" to the calculation of the tons of coal in the base year.
HFA (1, J. Gooch) - Amend Section 1, so that no existing entity eligible for the coal incentive credit can create an affiliate, subsidiary or other entity to be assigned a base year of zero; change the date for a company filing a Coal Incentive Claim form from March 15 to July 15.
Feb 23-introduced in House
Feb 24-to Natural Resources and Environment (H); posted in committee
Mar 1-reported favorably, 1st reading, to Calendar with Committee Substitute
Mar 2-2nd reading, to Rules
Mar 6-posted for passage in the Regular Orders of the Day for Tuesday, March 7, 2000; floor amendment (1) filed to Committee Substitute
Mar 7-3rd reading, passed 94-0 with Committee Substitute, floor amendment (1)
Mar 8-received in Senate
Mar 10-to Agriculture and Natural Resources (S)
Mar 16-reported favorably, 1st reading, to Calendar
Mar 17-2nd reading, to Rules
Mar 21-posted for passage in the Regular Orders of the Day for Wednesday, March 22, 2000
Mar 22-passed over and retained in the Orders of the Day; 3rd reading, passed 37-0
Mar 23-received in House
Mar 24-enrolled, signed by each presiding officer, delivered to Governor
Apr 5-signed by Governor (Acts ch. 320)
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