| Last Action | to Appropriations & Revenue (S) |
|---|---|
| Title | AN ACT relating to the new markets development program tax credit. |
| Bill Documents |
Bill
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| Impact Statements | Fiscal Note |
| Bill Request Number | 1813 |
| Sponsor | S. Westrom |
| Summary of Original Version | Amend KRS 141.432, relating to the state New Markets Development Program Tax Credit, to define terms, to amend the definition of "qualified community development entity" to allow an entity to qualify as such and possibly receive credit allocations if it is certified under the federal New Markets Tax Credit program and either has a federal credit allocation for the current year or has its principal place of business in the state, and to allow the credits to also apply against liabilities for the state bank franchise tax; amend KRS 141.433 to conform; amend KRS 141.434 to require the Department of Revenue to submit an annual report to the Legislative Research Commission to provide various information relating to the amounts of credits awarded, the amounts claimed, the entities receiving credit allocations and their proposed use of credit-related investments, and the amount of any recaptured credits; create two new sections of KRS Chapter 136 to provide for the ordering of credits against the bank franchise tax and taxes imposed on insurance companies. |
| Index Headings of Original Version |
Economic Development - New markets tax credit, terms for qualification and reporting requirements Insurance - Insurance company taxes, ordering and priority of credits Taxation - Bank franchise tax, ordering and priority of credits Taxation - Insurance company taxes, ordering and priority of credits Taxation - New markets tax credit, ordering and priority of credits Taxation - New markets tax credit, terms for qualification and reporting requirements Taxation, Income--Corporate - New markets tax credit, terms for qualification and reporting requirements Taxation, Income--Individual - New markets tax credit, terms for qualification and reporting requirements Banks and Financial Institutions - Bank franchise tax, allow new markets tax credits to apply against liabilities Banks and Financial Institutions - Bank franchise tax, ordering and priority of credits Reports Mandated - New markets tax credit, annual report Fiscal Note - New markets tax credit, terms for qualification and reporting requirements |
| Votes | Vote History |
| 02/19/16 |
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| 02/22/16 |
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| 03/04/16 |
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| 03/22/16 |
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| 03/23/16 |
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| 03/24/16 |
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| 03/25/16 |
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| 03/28/16 |
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Last updated: 1/16/2019 3:08 PM (EST)