SB 72 (BR 1176) - J. Westwood, T. Buford, R. Roeding
AN ACT relating to tax credits in restoration zones.
Create a new section of KRS Chapter 99 to authorize local governments to establish restoration zones; require proposed zones to be submitted to Kentucky Heritage Council for review; create new section of KRS Chapter 171 to require Kentucky Heritage Council to review and certify restoration zones, and to administer a tax credit program for residential rehabilitation projects in restoration zones; establish standards and definitions; create a new section of KRS 141 to allow tax credits for qualified rehabilitation projects in restoration zones; amend KRS 141.0205 to conform.
SB 72 - AMENDMENTS
SCS - Delete former provisions of bill and create a new section of KRS Chapter 99 to allow local governments to create restoration zones; create a new section of KRS Chapter 171 to provide parameters for creation of restoration zone and provide standards and procedures for the operation of the tax credit program, which will require the local governments to approve individual projects; create a new section of KRS Chapter 141 to define terms and allow the claiming of a non-refundable tax credit for improvements made to structures in the restoration zone and provide for administration of credits; amend KRS 141.0205 to order the tax credit.
Jan 8-introduced in Senate
Jan 10-to Economic Development, Tourism & Labor (S)
Jan 31-reported favorably, 1st reading, to Calendar with Committee Substitute
Feb 1-2nd reading, to Rules
Feb 6-recommitted to Appropriations and Revenue (S)
