| Last Action | posted in committee |
|---|---|
| Title | AN ACT relating to the angel investor tax credit. |
| Bill Documents |
Bill
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| Bill Request Number | 322 |
| Sponsors | A. Simpson, T. Thompson, J. Adams, R. Adams, J. Arnold Jr., L. Belcher, J. Bell, T. Burch, D. Butler, J. Carney, M. Cherry, T. Couch, W. Coursey, J. Crenshaw, R. Crimm, B. Damron, J. DeCesare, M. Denham, B. DeWeese, M. Dossett, T. Edmonds, J. Fischer, K. Flood, D. Floyd, D. Ford, D. Graham, J. Greer, S. Gregory, K. Hall, R. Henderson, M. Henley, D. Horlander, B. Housman, J. Jenkins, T. Kerr, M. King, A. Koenig, J. Lee, S. Lee, M. Marzian, D. Mayfield, R. Meeks, M. Meredith, C. Miller, T. Mills, B. Montell, R. Nelson, F. Nesler, D. Osborne, D. Owens, R. Palumbo, R. Quarles, J. Richards, S. Riggs, T. Riner, C. Rollins II, B. Rowland, S. Rudy, S. Santoro, J. Short, K. Sinnette, J. Stacy, F. Steele, J. Stewart III, W. Stone, G. Stumbo, T. Turner, B. Waide, J. Wayne, A. Webb-Edgington, S. Westrom, A. Wuchner, J. York |
| Summary of Original Version | Create new sections of Subchapter 20 of KRS Chapter 154 to establish the angel investor tax credit program for certain investments in small businesses; define terms; state act title and purposes; list requirements for small businesses and investors to qualify for participation; require the Kentucky Economic Development Finance Authority to establish the application process; cap the total amount of angel investor and Kentucky Investment Fund Act tax credits available in all years at $40,000,000; require KEDFA to maintain a Web site listing all businesses and investors certified and all credits awarded; require small businesses to report annually and allow for tax credit recapture in certain circumstances; amend KRS 152.20-255 to provide that the total amount of tax credits available in the Kentucky Investment Fund Act program and the angel investor program is $40,000,000 in all years; create a new section of KRS Chapter 141 to establish the credit; amend KRS 141.0205 to provide the ordering of the credit. |
| Index Headings of Original Version |
Science and Technology - Angel investments in knowledge-based businesses, create tax credit for Small Business - Angel investments in small businesses, create tax credit for Taxation - Angel investor tax credit program, create Taxation, Income--Individual - Angel investor tax credit program, create Economic Development - Angel investor tax credit program, create Economic Development - Kentucky Investment Fund Act, amend credit cap |
| Proposed Amendments | House Committee Substitute 1 |
| 12/15/11 |
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|---|---|
| 01/03/12 |
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| 01/31/12 |
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| 02/09/12 |
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| 02/10/12 |
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| 02/14/12 |
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| 02/24/12 |
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| Amendment | House Committee Substitute 1 |
|---|---|
| Impact Statements | Fiscal Note |
| Summary | Retain original provisions with the following changes: provide that increased amount of tax credit allowed for investments in rural areas shall instead be allowed for investments in enhanced incentive counties, as defined; clarify that a small business must meet the stated program requirements at the time it requests certification rather than the time an investment is made; amend the timeframes for claiming credits awarded by the authority during taxable years beginning on or before January 1, 2014; make technical corrections. |
| Index Headings |
Science and Technology - Angel investments in knowledge-based businesses, create tax credit for Small Business - Angel investments in small businesses, create tax credit for Taxation - Angel investor tax credit program, create Taxation, Income--Individual - Angel investor tax credit program, create Economic Development - Angel investor tax credit program, create Economic Development - Kentucky Investment Fund Act, amend credit cap |
Last updated: 8/27/2019 8:05 PM (EDT)