17RS House Bill 399

House Bill 399

Actions

Last Action	to Appropriations & Revenue (H)
Title	AN ACT relating to the establishment of a tax credit to promote investments in rural Kentucky businesses and making an appropriation therefor.
Bill Documents	Introduced
Impact Statements	Fiscal Note
Bill Request Number	1392
Sponsors	J. Blanton, C. Harris, L. Brown, T. Couch, S. Wells
Summary of Original Version	Create new sections of KRS Chapter 136 to establish a new tax credit against the taxes imposed on insurance companies and financial institutions, for contributions made by them into rural growth funds which make investments in certain businesses principally operating in certain areas of the state; declare findings and the purpose of the credit; define terms; require an entity to follow a process to apply for certification as a rural growth fund, and for investors in that entity to receive tax credits awarded by the Department of Revenue; allow the department to issue $60,000,000 in tax credits; provide credit sunset terms and other conditions for participating in the program and for claiming the credit; provide for revocation of tax credits; allow the department to audit rural growth funds; limit any liability of the Commonwealth in regard to rural growth funds or investments made by them; require various reports to be filed with the department and the Legislative Research Commission to enable evaluations of the credit program; provide for the ordering of the credit; declare short title to be the Kentucky Rural Jobs Tax Credit Act of 2017.
Index Headings of Original Version	Fiscal Note - Rural growth fund tax credit Economic Development - Rural growth fund tax credit to promote investments in businesses in rural areas Fees - Rural growth fund, application for Insurance - Insurance company taxation, rural growth fund tax credit Legislative Research Commission - Rural growth fund tax credit, annual reports Public Records and Reports - Rural growth fund tax credit, annual reports Taxation - Bank franchise tax, rural growth fund tax credit Taxation - Financial institutions, rural growth fund tax credit Taxation - Insurance company taxation, rural growth fund tax credit Taxation - Rural growth fund tax credit Administrative Regulations and Proceedings - Revenue, rural growth fund tax credit Appropriations - Rural growth fund tax credit Banks and Financial Institutions - Bank franchise tax, rural growth fund tax credit Banks and Financial Institutions - Financial institutions, rural growth fund tax credit Budget and Financial Administration - Rural growth fund tax credit Reports Mandated - Rural growth fund tax credit, annual reports Short Titles and Popular Names - Kentucky Rural Jobs Tax Credit Act of 2017

02/15/17	introduced in House
02/16/17	to Appropriations & Revenue (H)