|to Appropriations & Revenue (H)
|AN ACT relating to the Kentucky New Markets Development Program.
|Bill Request Number
|K. Hall, R. Rand, D. Butler, T. Couch, W. Coursey, B. Damron, J. DeCesare, C. Embry Jr., J. Gooch Jr., D. Graham, R. Heath, R. Henderson, M. King, J. Richards, K. Sinnette, F. Steele, B. Waide, B. Yonts
|Summary of Original Version
|Amend KRS 141.432 relating to the New Markets Development Program to clarify how the operating income of a qualified community development entity is calculated; require that all qualified equity investments issued on or after January 1, 2014, shall have an increased percentage of the purchase price used by the issuer to make investments in qualified low-income businesses compared to current program terms; amend KRS 141.433 to require that all entities submitting applications for tax credits on or after January 1, 2014 shall include a refundable performance fee to help ensure compliance with program requirements; provide that tax credits may be recaptured if an entity fails to invest the relevant minimum amount of money in qualified low-income businesses; establish terms and conditions for the payment, retention, and refund of the performance fee; amend KRS 141.434 to increase the cap on the amount of tax credits that may be awarded each year from $5 million to $25 million; name the act the Kentucky New Markets Development Program Renewal Act.
|Index Headings of Original Version
Economic Development - New Markets Development Program, amend requirements and increase tax credit cap
Popular Names and Short Titles - Kentucky New Markets Development Program Renewal Act
Taxation - New Markets Development Program, amend requirements and increase tax credit cap
Taxation - New Markets Development Program, require payment of refundable performance fee
Taxation, Income--Corporate - New Markets Development Program, amend requirements and increase tax credit cap
Taxation, Income--Individual - New Markets Development Program, amend requirements and increase tax credit cap
Last updated: 8/27/2019 6:52 PM (EDT)