HB6
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HB 6/FN (BR 1043) - J. Blanton, J. Sims Jr, L. Brown, T. Couch, C. Fugate, D. Hale, A. Hatton, R. Heath, K. Imes, K. Moser, R. Nelson, M. Prunty, R. Rothenburger, D. St. Onge, R. Webber, S. Westrom
AN ACT relating to the establishment of a tax credit to promote investments in rural Kentucky businesses and making an appropriation therefor.
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 2018.
AMENDMENTS
HFA1( T. Couch ) - Amends the definition of rural area to reduce the population requirement to 30,000 at the time an initial rural growth investment is made.
HFA2( J. Blanton ) - Amend the reporting requirement to require filing of various reports to the Interim Joint Committee on Appropriations and Revenue instead of the Legislative Research Commission.
SCS1 - 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 the short title for Sections 1 to 11 of the Act to be the Kentucky Rural Jobs Tax Credit Act of 2018; Amend KRS 141.068 to sunset the tax credit and require reporting by the Department of Revenue; amend KRS 141.396 to sunset the tax credit and require reporting by the Department of Revenue; amend KRS 154.20-232 to require reporting by the Cabinet for Economic Development; amend KRS 154.20-236 to expand the amount of tax credits awarded to all investors to $5 million and to remove the overall tax combined credit cap of $40 million; amend KRS 154.20-250 to require a report by the Cabinet for Economic Development; amend KRS 154.20-255 to require that the total tax credits for all investors not exceed $3 million in any calendar year, to remove the overall combined credit cap of $40 million, and to sunset the tax credit; amend various sections of KRS Chapter 131 and 141 to conform.
SCA1( C. McDaniel ) - Make title amendment.
SFA1( D. Thayer ) - Retain original provisions; create a new section of KRS Chapter 141 to establish a separate income tax credit for tuition assistance based on contributions made to a qualified scholarship-granting organization; create a new section of KRS Chapter 141 to provide goals and reporting of metrics related to those goals; amend KRS 141.0205 to establish the order in which the credits may be taken; create a new section of KRS 136.500 to 136.575 to allow financial institutions to take the tax credit against the tax imposed by KRS 136.505; create a new section of KRS 136.500 to 136.575 to order all tax credits; create a new section of KRS Chapter 156 to require the Kentucky Department of Education to publish a list of certified nonpublic schools and nonpublic schools seeking certification; require the Department of Revenue to report information to the Legislative Research Commission.
SFA2( D. Givens ) - Retain the original provisions, except clarify that the term "principal business operations" means the location where at least 60% of the business entity's employees work; amend the credit-eligible capital contributions to not more than $24 million dollars.
SFA3( D. Givens ) - Retain the original provisions, except; clarify that the term "principal business operations" means the location where at least 60% of the business entity's employees work; amend the credit-eligible capital contributions to not more than $32 million dollars.
SFA4( D. Givens ) - Retain the original provisions, except clarify that the term "principal business operations" means the location where at least 60% of the business entity's employees work; amend the credit-eligible capital contributions to not more than $40 million dollars.
SFA5( D. Givens ) - Retain original provisions of the bill; add definitions for "high wage," "new annual jobs," and "state reimbursement amount"; amend the definition of "principal business operations" to mean the location where at least 60% of a business entity's employees work; make conforming amendments; require a calculation by the business entity of the state reimbursement amount; require the department to include in its response confirmation of the state reimbursement amount; require that if the rural growth fund owes a state reimbursement amount, the state shall receive all distributions from the rural growth fund until the rural growth fund has made cash payments to the state equal to the state reimbursement amount.
SFA6( D. Givens ) - Retain original provisions of the bill; add definitions for "high wage," "new annual jobs," and "state reimbursement amount"; amend the definition of "principal business operations" to mean the location where at least 60% of a business entity's employees work; make conforming amendments; require a calculation by the business entity of the state reimbursement amount; require the department to include in its response confirmation of the state reimbursement amount; require that if the rural growth fund owes a state reimbursement amount, the state shall receive all distributions from the rural growth fund until the rural growth fund has made cash payments to the state equal to the state reimbursement amount.
SFA7( S. Meredith ) - Amend KRS 131.190 to add the Kentucky affordable housing credit; create a new section of KRS Chapter 198A to establish the Kentucky affordable housing credit, which applies to the income and insurance taxes; limit the total amount of credits awarded during any year to the lesser of 50 percent of the total annual federal income housing tax credits awarded on qualified projects or $5,250,000; create a new section of KRS Chapter 141 to allow the income tax credit; amend KRS 141.0205 to order the income tax credit; create a new section of KRS Chapter 136 to order the insurance tax credits.
SFA8( G. Neal ) - Delete original provisions; create a new section of KRS Chapter 198A to establish the Kentucky affordable housing credit, which applies to the income and insurance taxes, in an amount related to the amount of federal low-income housing tax credit; limit the total amount of all credits awarded during any year to the greater of 50 percent of the federal low-income housing tax credits awarded on qualified projects or $3,500,000; create a new section of KRS Chapter 141 to allow the income tax credit; amend KRS 141.0205 to order the income tax credit; create a new section of KRS Chapter 136 to order the insurance tax credits; amend various statutes to conform.
SFA9( J. Carroll ) - Make title amendment.
SFA10( J. Carroll ) - Retain original provisions; repeal and reenact all sections of SB 151 as enacted at the 2018 Regular Session of the General Assembly (2018 Ky. Acts ch. 107) amending KRS Chapters 6, 7A, 11A, 16, 18A, 21, 61,78, and 161; repeal all sections of SB 151 as enacted at the 2018 Regular Session of the General Assembly creating new sections of KRS 61.510 to 61.705 and 161.220 to 161.716; provide that SB 151 as enacted at the 2018 Regular Session of the General Assembly is repealed in its entirety and shall have no effect on the laws of the Commonwealth of Kentucky; direct the reviser of statutes that the provisions of this Act shall prevail over SB 151 as enacted at the 2018 Regular Session of the General Assembly, and no part of SB 151 shall be codified in the Kentucky Revised Statutes.
SFA11( J. Carroll ) - Retain original provisions; repeal and reenact all sections of SB 151 as enacted at the 2018 Regular Session of the General Assembly (2018 Ky. Acts ch. 107) amending KRS Chapters 6, 7A, 11A, 16, 18A, 21, 61,78, and 161; repeal all sections of SB 151 as enacted at the 2018 Regular Session of the General Assembly creating new sections of KRS 61.510 to 61.705 and 161.220 to 161.716; provide that SB 151 as enacted at the 2018 Regular Session of the General Assembly is repealed in its entirety and shall have no effect on the laws of the Commonwealth of Kentucky; direct the reviser of statutes that the provisions of this Act shall prevail over SB 151 as enacted at the 2018 Regular Session of the General Assembly, and no part of SB 151 shall be codified in the Kentucky Revised Statutes; APPROPRIATION.
HFA2( J. Blanton ) - Amend the reporting requirement to require filing of various reports to the Interim Joint Committee on Appropriations and Revenue instead of the Legislative Research Commission.
SCS1 - 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 the short title for Sections 1 to 11 of the Act to be the Kentucky Rural Jobs Tax Credit Act of 2018; Amend KRS 141.068 to sunset the tax credit and require reporting by the Department of Revenue; amend KRS 141.396 to sunset the tax credit and require reporting by the Department of Revenue; amend KRS 154.20-232 to require reporting by the Cabinet for Economic Development; amend KRS 154.20-236 to expand the amount of tax credits awarded to all investors to $5 million and to remove the overall tax combined credit cap of $40 million; amend KRS 154.20-250 to require a report by the Cabinet for Economic Development; amend KRS 154.20-255 to require that the total tax credits for all investors not exceed $3 million in any calendar year, to remove the overall combined credit cap of $40 million, and to sunset the tax credit; amend various sections of KRS Chapter 131 and 141 to conform.
SCA1( C. McDaniel ) - Make title amendment.
SFA1( D. Thayer ) - Retain original provisions; create a new section of KRS Chapter 141 to establish a separate income tax credit for tuition assistance based on contributions made to a qualified scholarship-granting organization; create a new section of KRS Chapter 141 to provide goals and reporting of metrics related to those goals; amend KRS 141.0205 to establish the order in which the credits may be taken; create a new section of KRS 136.500 to 136.575 to allow financial institutions to take the tax credit against the tax imposed by KRS 136.505; create a new section of KRS 136.500 to 136.575 to order all tax credits; create a new section of KRS Chapter 156 to require the Kentucky Department of Education to publish a list of certified nonpublic schools and nonpublic schools seeking certification; require the Department of Revenue to report information to the Legislative Research Commission.
SFA2( D. Givens ) - Retain the original provisions, except clarify that the term "principal business operations" means the location where at least 60% of the business entity's employees work; amend the credit-eligible capital contributions to not more than $24 million dollars.
SFA3( D. Givens ) - Retain the original provisions, except; clarify that the term "principal business operations" means the location where at least 60% of the business entity's employees work; amend the credit-eligible capital contributions to not more than $32 million dollars.
SFA4( D. Givens ) - Retain the original provisions, except clarify that the term "principal business operations" means the location where at least 60% of the business entity's employees work; amend the credit-eligible capital contributions to not more than $40 million dollars.
SFA5( D. Givens ) - Retain original provisions of the bill; add definitions for "high wage," "new annual jobs," and "state reimbursement amount"; amend the definition of "principal business operations" to mean the location where at least 60% of a business entity's employees work; make conforming amendments; require a calculation by the business entity of the state reimbursement amount; require the department to include in its response confirmation of the state reimbursement amount; require that if the rural growth fund owes a state reimbursement amount, the state shall receive all distributions from the rural growth fund until the rural growth fund has made cash payments to the state equal to the state reimbursement amount.
SFA6( D. Givens ) - Retain original provisions of the bill; add definitions for "high wage," "new annual jobs," and "state reimbursement amount"; amend the definition of "principal business operations" to mean the location where at least 60% of a business entity's employees work; make conforming amendments; require a calculation by the business entity of the state reimbursement amount; require the department to include in its response confirmation of the state reimbursement amount; require that if the rural growth fund owes a state reimbursement amount, the state shall receive all distributions from the rural growth fund until the rural growth fund has made cash payments to the state equal to the state reimbursement amount.
SFA7( S. Meredith ) - Amend KRS 131.190 to add the Kentucky affordable housing credit; create a new section of KRS Chapter 198A to establish the Kentucky affordable housing credit, which applies to the income and insurance taxes; limit the total amount of credits awarded during any year to the lesser of 50 percent of the total annual federal income housing tax credits awarded on qualified projects or $5,250,000; create a new section of KRS Chapter 141 to allow the income tax credit; amend KRS 141.0205 to order the income tax credit; create a new section of KRS Chapter 136 to order the insurance tax credits.
SFA8( G. Neal ) - Delete original provisions; create a new section of KRS Chapter 198A to establish the Kentucky affordable housing credit, which applies to the income and insurance taxes, in an amount related to the amount of federal low-income housing tax credit; limit the total amount of all credits awarded during any year to the greater of 50 percent of the federal low-income housing tax credits awarded on qualified projects or $3,500,000; create a new section of KRS Chapter 141 to allow the income tax credit; amend KRS 141.0205 to order the income tax credit; create a new section of KRS Chapter 136 to order the insurance tax credits; amend various statutes to conform.
SFA9( J. Carroll ) - Make title amendment.
SFA10( J. Carroll ) - Retain original provisions; repeal and reenact all sections of SB 151 as enacted at the 2018 Regular Session of the General Assembly (2018 Ky. Acts ch. 107) amending KRS Chapters 6, 7A, 11A, 16, 18A, 21, 61,78, and 161; repeal all sections of SB 151 as enacted at the 2018 Regular Session of the General Assembly creating new sections of KRS 61.510 to 61.705 and 161.220 to 161.716; provide that SB 151 as enacted at the 2018 Regular Session of the General Assembly is repealed in its entirety and shall have no effect on the laws of the Commonwealth of Kentucky; direct the reviser of statutes that the provisions of this Act shall prevail over SB 151 as enacted at the 2018 Regular Session of the General Assembly, and no part of SB 151 shall be codified in the Kentucky Revised Statutes.
SFA11( J. Carroll ) - Retain original provisions; repeal and reenact all sections of SB 151 as enacted at the 2018 Regular Session of the General Assembly (2018 Ky. Acts ch. 107) amending KRS Chapters 6, 7A, 11A, 16, 18A, 21, 61,78, and 161; repeal all sections of SB 151 as enacted at the 2018 Regular Session of the General Assembly creating new sections of KRS 61.510 to 61.705 and 161.220 to 161.716; provide that SB 151 as enacted at the 2018 Regular Session of the General Assembly is repealed in its entirety and shall have no effect on the laws of the Commonwealth of Kentucky; direct the reviser of statutes that the provisions of this Act shall prevail over SB 151 as enacted at the 2018 Regular Session of the General Assembly, and no part of SB 151 shall be codified in the Kentucky Revised Statutes; APPROPRIATION.
Jan 17, 2018 - introduced in House
Jan 19, 2018 - to Appropriations & Revenue (H)
Mar 08, 2018 - posted in committee
Mar 13, 2018 - reported favorably, 1st reading, to Calendar; floor amendments (1) and (2) filed
Mar 14, 2018 - 2nd reading, to Rules; posted for passage in the Regular Orders of the Day for Thursday, March 15, 2018
Mar 15, 2018 - 3rd reading; floor amendment (1) adopted; floor amendment (1) reconsidered; passed 76-9 with floor amendment (2)
Mar 16, 2018 - received in Senate
Mar 19, 2018 - to Appropriations & Revenue (S)
Mar 22, 2018 - taken from Appropriations & Revenue (S); 1st reading; returned to Appropriations & Revenue (S)
Mar 27, 2018 - reported favorably, 2nd reading, to Rules with Committee Substitute & committee amendment (1-title)
Mar 29, 2018 - floor amendments (1), (2), (3), (4) and (6) filed to Committee Substitute, floor amendment (5) filed
Apr 02, 2018 - floor amendmenst (7) and (8) filed to Committee Substitute
Apr 13, 2018 - floor amendments (9-title) and (10) filed, (11) filed to Committee Substitute