HB 557/FN (BR 1106) - J. Petrie

     AN ACT relating to economic development.
    Amend KRS 56.440 to define "headquarters," "nonretail service and technology project," and "nonretail service and technology entity"; amend KRS 56.510, relating to state lands and buildings to expand eligible projects from industrial projects to include headquarters and nonretail service and technology projects; include eligibility requirements to create a new section of KRS Chapter 141 to define how skills training credits may be applied to income tax obligations; amend KRS 144.0205 to conform; amend KRS 148.546 and 148.8591 to allow online reporting from Tourism, Arts and Heritage to the LRC in lieu of a physical report; amend KRS 154.10-050 to remove requirement that cabinet secretary create and submit an annual strategic plan for economic development; create a new section of KRS 154.12-2084 to 154.12-2089 to sunset current investment credits; amend KRS 154.12-100 to change reporting requirements and include posting of annual report required by KRS 154.12-2035; amend KRS 154.12-204 to include new definitions relating to the skills training investment credit; amend KRS 154.12-205 to substitute the phrase "qualified company" for "business and industry"; amend KRS 154.12-206 to substitute the phrase "approved companies" for "business and industry"; amend KRS 154.12-207 to provide additional details about skills training investment and grant-in-aid credit qualifications; amend KRS 154.12-208 to allow the Bluegrass State Skills Corporation to submit annual report on the cabinet's Web page instead of via paper to LRC; amend KRS 154.12-278 to allow reporting obligations of Kentucky Innovation Act on the cabinet Web page instead of paper copy to the Governor and LRC; amend KRS 154.12-310 to remove satellite offices and specify the number of affiliate centers; amend KRS 154.12-2035 to allow posting of annual report to the cabinet's Web page instead of a physical copy to the Governor and LRC; rename the small business investment credit as the Kentucky small business tax credit; amend KRS 154.20-150 to allow annual reporting by Web page instead of by physical copy to the Governor and LRC; amend KRS 154.20-170 to remove reference to targeted industrial sector; amend KRS 154.20-230 to change definition of "qualified activity"; amend KRS 154.20-234 to change elements of qualified investment and authorize promulgation of administrative regulations; amend KRS 154.20-238 to increase allowable time for investment; amend KRS 154.27-050 to allow posting of annual report to the cabinet Web site instead of submitting it to the Governor and LRC; amend KRS 154.30-010 to change investment criteria and refine definitions; create a new section of Subchapter 27 of KRS Chapter 154 to sunset incentives allowed by KRS 154.27-010 to KRS 154.27-100; amend KRS 154.30-070 to alter requirements of tax incentive agreement; amend KRS 154.30-080 to allow cancellation of tax incentive agreements and add definitions; amend KRS 154.31-030 to allow annual reporting by post to the cabinet Web page; amend KRS 154.32-010 to include new definitions; amend KRS 154.32-020 to expand the list of companies eligible for incentives; amend KRS 154.60-010 and KRS 154.60-020 to replace term "Division of Small Business" with "Office of Entrepreneurship"; amend KRS 154.60-020 to extend time period for credit-related activity; repeal KRS 141.430 relating to income tax credit calculations; repeal KRS 154.10-100 relating to information transfer network; repeal KRS 154.10-120 relating to preparation of the strategic plan for economic development; repeal KRS 154.10-125 relating to content of the strategic economic development plan; repeal KRS 154.10-140 relating to performance benchmarks; repeal KRS 154.30-052 relating to signature project loan program requirements; repeal KRS 154.48-010 containing definitions for KRS 154.48-010 to 154.48-035; repeal KRS 154.48-015 expressing the findings of the General Assembly; repeal KRS154.48-020 relating to administrative regulations and open meetings; repeal KRS 154.48-025 to 154.48-030, and 154.48.035 establishing the Kentucky Environmental Stewardship Act; repeal KRS 224.01-020 relating to the funding for cleaning agricultural warehousing sites.