Kentucky
General Assembly

01/17/18	introduced in House
01/19/18	to Appropriations & Revenue (H)
03/08/18	posted in committee
03/13/18	reported favorably, 1st reading, to Calendar floor amendments (1) and (2) filed
03/14/18	2nd reading, to Rules posted for passage in the Regular Orders of the Day for Thursday, March 15, 2018
03/15/18	3rd reading floor amendment (1) adopted floor amendment (1) reconsidered passed 76-9 with floor amendment (2)
03/16/18	received in Senate
03/19/18	to Appropriations & Revenue (S)
03/22/18	taken from Appropriations & Revenue (S) 1st reading returned to Appropriations & Revenue (S)
03/27/18	reported favorably, 2nd reading, to Rules with Committee Substitute & committee amendment (1-title)
03/29/18	floor amendments (1), (2), (3), (4) and (6) filed to Committee Substitute, floor amendment (5) filed
04/02/18	floor amendmenst (7) and (8) filed to Committee Substitute
04/13/18	floor amendments (9-title) and (10) filed, (11) filed to Committee Substitute

Amendment	House Floor Amendment 1
Sponsor	T. Couch
Summary	Amends the definition of rural area to reduce the population requirement to 30,000 at the time an initial rural growth investment is made.
Index Headings	Taxation - Rural growth investment Taxation, Income--Corporate - Rural growth investment Taxation, Income--Individual - Rural growth investment

Amendment	House Floor Amendment 2
Sponsor	J. Blanton
Summary	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.
Index Headings	Technical Corrections - HB 6

Amendment	Senate Committee Substitute 1
Summary	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.
Index Headings	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 Economic Development - Angel investor tax credit, modify and expand Economic Development - Investment fund tax credit, modify and expand Economic Development - Rural growth fund tax credit to promote investments in businesses in 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 Reports Mandated - Angel investor tax credit, annual reports Reports Mandated - Investment fund tax credit, annual reports Reports Mandated - Rural growth fund tax credit, annual reports Short Titles and Popular Names - Kentucky Rural Jobs Tax Credit Act of 2018 Taxation - Angel investor tax credit, modify and expand 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 - Investment fund tax credit, modify and expand Taxation - Rural growth fund tax credit Taxation, Income--Corporate - Angel investor and investment fund tax credits, modify and expand Taxation, Income--Individual - Angel investor and investment fund tax credits, modify and expand

Amendment	Senate Committee Amendment 1
Sponsor	C. McDaniel
Summary	Make title amendment.
Index Headings	Title Amendments - HB 6

Amendment	Senate Floor Amendment 1
Sponsor	D. Thayer
Summary	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.
Index Headings	Administrative Regulations and Proceedings - Department of Revenue, scholarship tax credit Banks and Financial Institutions - Bank franchise tax, scholarship tax credit, creation Charitable Organizations and Institutions - Bank franchise tax, scholarship tax credit, creation Education, Elementary and Secondary - Scholarship tax credit, creation Education, Finance - Scholarship tax credit, creation Reports Mandated - Scholarship tax credit State Agencies - Department of Revenue, scholarship tax credit, creation Taxation - Bank franchise tax, scholarship tax credit, creation Taxation - Scholarship tax credit, creation Taxation, Income--Corporate - Scholarship tax credit, creation Taxation, Income--Individual - Scholarship tax credit, creation

Amendment	Senate Floor Amendment 2
Sponsor	D. Givens
Summary	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.
Index Headings	Taxation - Department of Revenue, Kentucky Rural Jobs Tax Credit Act of 2018, amendment of Taxation, Income--Corporate - Kentucky Rural Jobs Tax Credit Act of 2018, amendment of Taxation, Income--Individual - Kentucky Rural Jobs Tax Credit Act of 2018, amendment of

Amendment	Senate Floor Amendment 3
Sponsor	D. Givens
Summary	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.
Index Headings	Taxation - Depatment of Revenue, Kentucky Rural Jobs Tax Credit Act of 2018, amendment of Taxation, Income--Corporate - Kentucky Rural Jobs Tax Credit Act of 2018, amendment of Taxation, Income--Individual - Kentucky Rural Jobs Tax Credit Act of 2018, amendment of

Amendment	Senate Floor Amendment 4
Sponsor	D. Givens
Summary	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.
Index Headings	Taxation - Department of Revenue, Kentucky Rural Jobs Tax Credit Act of 2018, amendment of Taxation, Income--Corporate - Kentucky Rural Jobs Tax Credit Act of 2018, amendment of Taxation, Income--Individual - Kentucky Rural Jobs Tax Credit Act of 2018, amendment of

Amendment	Senate Floor Amendment 5
Sponsor	D. Givens
Summary	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.
Index Headings	Economic Development - Rural growth fund, reimbursement required Taxation - Rural growth fund, reimbursement required Taxation, Income--Corporate - Rural growth fund, reimbursement required Taxation, Income--Individual - Rural growth fund, reimbursement required

Amendment	Senate Floor Amendment 6
Sponsor	D. Givens
Summary	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.
Index Headings	Economic Development - Rural growth fund, reimbursement required Taxation - Rural growth fund, reimbursement required Taxation, Income--Corporate - Rural growth fund, reimbursement required Taxation, Income--Individual - Rural growth fund, reimbursement required

Amendment	Senate Floor Amendment 7
Sponsor	S. Meredith
Summary	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.
Index Headings	Housing, Building, and Construction - Kentucky affordable housing tax credit, creation of Taxation - Bank franchise tax, Kentucky affordable housing tax credit, creation of Taxation - Income tax, Kentucky affordable housing tax credit, creation of Taxation - Insurance tax, Kentucky affordable housing tax credit, creation of Taxation, Income--Corporate - Kentucky affordable housing tax credit, creation of Taxation, Income--Individual - Kentucky affordable housing tax credit, creation of

Amendment	Senate Floor Amendment 8
Sponsor	G. Neal
Summary	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.
Index Headings	Housing, Building, and Construction - Kentucky affordable housing tax credit, creating Taxation - Kentucky affordable housing tax credit for bank franchise tax, creating Taxation - Kentucky affordable housing tax credit for income taxes, creating Taxation - Kentucky affordable housing tax credit for insurance taxes, creating Taxation, Income--Corporate - Kentucky affordable housing tax credit, creating Taxation, Income--Individual - Kentucky affordable housing tax credit, creating Piggybacked Bills - HB 589

Amendment	Senate Floor Amendment 9
Sponsor	J. Carroll
Summary	Make title amendment.
Index Headings	Title Amendments - HB 6/GA

Amendment	Senate Floor Amendment 10
Sponsor	J. Carroll
Summary	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.
Index Headings	Public Officers and Employees - Repeal, SB 151 (2018 Ky. Acts ch. 107) Retirement and Pensions - Repeal, SB 151 (2018 Ky. Acts ch. 107) State Agencies - Repeal, SB 151 (2018 Ky. Acts ch. 107) Statutes - Repeal, SB 151 (2018 Ky. Acts ch. 107) Teachers - Repeal, SB 151 (2018 Ky. Acts ch. 107) 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 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 Reports Mandated - Rural growth fund tax credit, annual reports Short Titles and Popular Names - Kentucky Rural Jobs Tax Credit Act of 2018 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

Amendment	Senate Floor Amendment 11
Sponsor	J. Carroll
Summary	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.
Index Headings	Public Officers and Employees - Repeal, SB 151 (2018 Ky. Acts ch. 107) Retirement and Pensions - Repeal, SB 151 (2018 Ky. Acts ch. 107) State Agencies - Repeal, SB 151 (2018 Ky. Acts ch. 107) Statutes - Repeal, SB 151 (2018 Ky. Acts ch. 107) Teachers - Repeal, SB 151 (2018 Ky. Acts ch. 107) 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 Economic Development - Angel investor tax credit, modify and expand Economic Development - Investment fund tax credit, modify and expand Economic Development - Rural growth fund tax credit to promote investments in businesses in 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 Reports Mandated - Angel investor tax credit, annual reports Reports Mandated - Investment fund tax credit, annual reports Reports Mandated - Rural growth fund tax credit, annual reports Short Titles and Popular Names - Kentucky Rural Jobs Tax Credit Act of 2018 Taxation - Angel investor tax credit, modify and expand 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 - Investment fund tax credit, modify and expand Taxation - Rural growth fund tax credit Taxation, Income--Corporate - Angel investor and investment fund tax credits, modify and expand Taxation, Income--Individual - Angel investor and investment fund tax credits, modify and expand