Last Action | signed by Governor (Acts, ch. 189) |
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Title | AN ACT relating to tax increment financing and declaring an emergency. |
Bill Documents |
Current/Final
Introduced |
Impact Statements | Fiscal Note |
Bill Request Number | 1098 |
Sponsors | D. Osborne, J. Hoover, J. Jenkins |
Summary of Original Version | Amend KRS 65.490 to allow an extension of time for certain tax increment financing pilot programs; EMERGENCY. |
Index Headings of Original Version |
Fiscal Note - Tax increment financing, extension Effective Dates, Emergency - Tax increment financing, extension Taxation - Tax increment financing, extension Taxation, Income--Corporate - Tax increment financing, extension Taxation, Sales and Use - Tax increment financing, extension |
Proposed Amendments |
House Floor Amendment 1 House Floor Amendment 2 House Floor Amendment 3 Senate Committee Substitute 1 Senate Committee Substitute 2 |
Votes | Vote History |
02/13/17 |
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02/15/17 |
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02/16/17 |
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02/22/17 |
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02/23/17 |
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02/27/17 |
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02/28/17 |
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03/01/17 |
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03/06/17 |
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03/07/17 |
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03/14/17 |
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03/29/17 |
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03/30/17 |
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04/11/17 |
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Amendment | House Floor Amendment 1 |
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Sponsor | R. Palumbo |
Summary | Provide that if additional financing is approved for or the current financing is renegotiated by the Louisville Arena Authority, Inc., the authority shall remove blackout dates the day before and the day after an event within the arena. |
Index Headings |
Fiscal Note - Tax increment financing, extension Effective Dates, Emergency - Tax increment financing, extension Taxation - Tax increment financing, extension Taxation, Income--Corporate - Tax increment financing, extension Taxation, Sales and Use - Tax increment financing, extension |
Amendment | House Floor Amendment 2 |
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Sponsor | R. Palumbo |
Summary | Direct the Louisville Arena Authority, Inc., to actively search for a National Basketball Association team to locate in Kentucky and play home basketball games in the KFC Yum! Center arena. |
Index Headings |
Fiscal Note - Tax increment financing, extension Effective Dates, Emergency - Tax increment financing, extension Taxation - Tax increment financing, extension Taxation, Income--Corporate - Tax increment financing, extension Taxation, Sales and Use - Tax increment financing, extension |
Amendment | House Floor Amendment 3 |
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Sponsor | R. Palumbo |
Summary | Provide that upon any modification to the contract between the University of Louisville and the Louisville Arena Authority, Inc., the provision allowing the University of Louisville to purchase the KFC Yum! Center upon default of financing shall be removed. |
Index Headings |
Fiscal Note - Tax increment financing, extension Effective Dates, Emergency - Tax increment financing, extension Taxation - Tax increment financing, extension Taxation, Income--Corporate - Tax increment financing, extension Taxation, Sales and Use - Tax increment financing, extension |
Amendment | Senate Committee Substitute 1 |
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Summary | Extend the period for which a pilot program can exist for an additional 18 years under certain circumstances; require certain contributions be made annually by the local government and the public university; require excess revenues be used to redeem bond prior to stated maturity date; require borrower of the proceeds of the bond to apply excess revenues to the debt service at least every 36 months; require an evaluation of the total incentive amount paid through state participation be made and require a report to be submitted by the Department of Revenue; require reimbursement by the local government, university and the borrower of the proceeds of the bond, on a pro rata basis, if the total incentive amount paid from state participation exceeds $315,000,000, to be deposited in the Kentucky permanent pension fund to be appropriated by the General Assembly. |
Index Headings |
Fiscal Note - Tax increment financing, extension Effective Dates, Emergency - Tax increment financing, extension Taxation - Tax increment financing, extension Taxation, Income--Corporate - Tax increment financing, extension Taxation, Sales and Use - Tax increment financing, extension |
Amendment | Senate Committee Substitute 2 |
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Summary | Extend the period for which a pilot program can exist for an additional 25 years under certain circumstances; require excess revenues be used to redeem the bond prior to the stated maturity date; require once the bond is callable, the borrower to apply excess revenues to the debt service at least every 36 months; require the borrower to submit an annual report to the Governor and the Capital Projects and Bond Oversight Committee; EMERGENCY. |
Index Headings |
Fiscal Note - Tax increment financing, extension Effective Dates, Emergency - Tax increment financing, extension Taxation - Tax increment financing, extension Taxation, Income--Corporate - Tax increment financing, extension Taxation, Sales and Use - Tax increment financing, extension |
Last updated: 1/16/2019 3:02 PM (EST)