House Bill 113

Actions | Amendments
Last Action posted in committee
Title AN ACT relating to the angel investor tax credit.
Bill Documents Bill
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

Actions

Top | Amendments
12/15/11
  • Prefiled by the sponsor(s).
01/03/12
  • introduced in House
  • to Economic Development (H)
01/31/12
  • posted in committee
02/09/12
  • reported favorably, 1st reading, to Calendar with Committee Substitute
02/10/12
  • 2nd reading, to Rules
02/14/12
  • recommitted to Appropriations & Revenue (H)
02/24/12
  • posted in committee

Proposed Amendments

Top | Actions
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: 1/16/2019 3:37 PM (EST)