04RS HB486


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HB 486/LM (BR 261) - R. Crimm, S. Riggs

     AN ACT relating to economic development and declaring an emergency.
     Amend KRS 154.45-010 to change "Enterprise Zone" to "Economic Growth District" or "district"; amend KRS 154.45-030 to allow a local government to apply for the designation of an area as an economic growth district; specify that only one economic growth district shall be located within the jurisdictional area of a local government; amend KRS 154.45-040 to require that the population of all census tracts in the area decreased by ten percent or more between 1990 and 2000; amend KRS 154.45-050 to provide that enterprise zones existing on December 29, 2003, shall be designated as economic growth districts; delete the requirement that economic growth district shall sunset on the twentieth year following designation; amend KRS 154.45-070 to require the authority to promulgate administrative regulations to verify whether the qualified employees of a qualified business reside within a district or are considered to be within the targeted workforce and to verify the total number of qualified employees of economic growth district firms; require that the sales taxes on equipment, machinery, and building materials and the motor vehicle usage tax are paid at the point of sale and refunded after documentation has been provided to the Revenue Cabinet; require cooperation between the authority and the Revenue Cabinet in collecting information to be used to determine the fiscal impact of the program on state tax revenues; require a qualified business that accepts economic growth district tax advantages to supply the authority or the Revenue Cabinet with its payroll, books, and other requested documentation demonstrating compliance with the provisions of economic growth district requirements; amend KRS 65.680, 141.0205, 141.120, and 154.12-224 to conform; repeal KRS 154.45-001; provide that qualified businesses may apply retroactively to the Revenue Cabinet for a refund on taxes paid from December 30, 2003, through the effective date of this Act; EMERGENCY.

     Feb 10-introduced in House
     Feb 11-to Economic Development (H)

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