| Last Action | to Appropriations & Revenue (H) |
|---|---|
| Title | AN ACT relating to the new markets tax credit. |
| Bill Documents |
Bill
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| Bill Request Number | 1559 |
| Sponsors | L. Combs, C. Howard |
| Summary of Original Version | Amend KRS 141.432, relating to the new markets tax credit, to define terms and reduce the amount of investments that may be made in any single low-income community businesses for purposes of the tax credit from $10 million to $5 million; amend KRS 141.433 to make various changes to the application procedure and qualification requirements for the tax credit, including that a qualified community development entity (CDE) shall have a federal tax credit allocation agreement dated on or after January 1, 2014, in order to qualify for state credits on or after January 1, 2015; require that certain CDEs shall have received more than one federal credit allocation, and have made at least $50 million in investments under the program, in order to qualify for state credit; increase the amount of the refundable performance fee that a CDE must pay with its application for tax credit from 0.5% to 1% of the amount of investment requested to be certified; require new annual reports to be submitted by all CDEs to the Department of Revenue, and from the department to the Legislative Research Commission, relating to tax credits awarded and utilized under this program; amend KRS 131.190 to allow the department to issue the report. |
| Index Headings of Original Version |
Taxation - New markets tax credit, various amendments to program requirements Taxation, Income--Corporate - New markets tax credit, various amendments to program requirements Taxation, Income--Individual - New markets tax credit, various amendments to program requirements |
| 02/23/15 |
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| 02/24/15 |
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Last updated: 1/16/2019 3:10 PM (EST)