05RS HB394

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Includes opposite chamber sponsors where requested by primary sponsors of substantially similar bills in both chambers and jointly approved by the Committee on Committees of both chambers. Opposite chamber sponsors are represented in italics.

HB 394 (BR 1482) - R. Palumbo, R. Damron

AN ACT relating to economic development.
Create new sections of KRS Chapter 154 to establish findings and definitions; allow businesses to apply annually with the Cabinet for Economic Development to become eligible for benefits; require the Cabinet for Economic Development to approve or deny applications based on criteria for minimum capital expenditures, minimum qualified employees, and average wage; allow qualified businesses to file for a refund with the Revenue Cabinet on sales and use taxes paid on capital expenditures; allow motor vehicle usage tax exemption for vehicles not considered commercial vehicles but purchased and used by qualified businesses solely for business purchases; allow the Cabinet for Economic Development and the Revenue Cabinet to promulgate administrative regulations; provide short title of the Kentucky Enterprise Zone Reform and Job Creation Act; allow an eligible business to apply for a refund on sales and use taxes paid on capital expenditures made on or after January 1, 2004.

     Feb 9-introduced in House
     Feb 10-to Economic Development (H)
     Feb 11-posted in committee

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