HB 629 (BR 1960) - A. Simpson, S. Brinkman
AN ACT relating to tourism development.
Amend KRS 139.536 to allow an approved tourism development project that has been in operation for a minimum of three years to apply to the Tourism Development Authority to increase the term of the agreement, the rate of sales tax refund, and the percentage of approved costs that may be recovered; require the eligible company to demonstrate to the satisfaction of the secretary of the Commerce Cabinet, an independent certified public accounting firm, and the Tourism Development Authority that but for approval of the application, the eligible company will permanently close the tourism attraction, lay off employees, and cease operations; require the applicant to pay for the cost of the accountant's report; require that sales tax refunds cease if the percentage of out-of-state visitors falls below 50 percent.
HB 629 - AMENDMENTS
HCS - Amend KRS 139.536 to allow an approved attraction that has been in operation for a minimum of three years to apply to the authority for an extension of the term of the agreement; allow the authority to extend the term of the agreement by a maximum of ten years; require the secretary to establish standards for the determination of approval; require a report by an independent consulting firm that includes an analysis of the required data and a determination that the project meets the minimum requirements; require the applicant to pay for the cost of the consultant's report; require the secretary to provide a written recommendation to the authority; allow the authority, by resolution, to make a final determination on the application; require that the applicant attract a minimum of 50% of visitors from out of state.
Feb 21-introduced in House
Feb 22-to Tourism Development and Energy (H)
Feb 28-posted in committee
Mar 2-reported favorably, 1st reading, to Calendar with Committee Substitute
Mar 3-2nd reading, to Rules
Mar 6-recommitted to Appropriations and Revenue (H)
