House Bill 533

Actions
Last Action 03/02/20: to Appropriations & Revenue (H)
Title AN ACT relating to tax expenditures.
Bill Documents Introduced
Bill Request Number 1506
Sponsors A. Hatton, M. Sorolis, M. Cantrell, K. Hinkle, C. Stevenson, L. Willner
Summary of Original Version Create a new section of KRS Chapter 6 to state definitions and require a 4-year maximum period for all new tax expenditures enacted after the effective date of this Act; create a new section of KRS Chapter 6 to require the Interim Joint Committee on Appropriations and Revenue to evaluate tax expenditures and make recommendations to the General Assembly during each odd-numbered year; amend KRS 154.12-2035 to include additional tax incentives within the current reports required to be made by the Cabinet for Economic Development; amend KRS 131.030 to require reporting by the Department of Revenue to the Cabinet for Economic Development; amend KRS 131.190 to allow the data to be reported by the Department of Revenue; create a new section of KRS Chapter 230 to require reporting by the Kentucky Horse Racing Commission; create a new section of KRS Chapter 139 to establish a refund process for the new and expanded industry exemption; amend KRS 139.480 to allow the refund process for the new and expanded industry exemption; amend KRS 141.434 to require reporting on the New Markets Development Program tax credit by the Department of Revenue to the Interim Joint Committee on Appropriations and Revenue; amend KRS 139.470 to conform; amendment to KRS 139.480 EFFECTIVE August 1, 2020.
Index Headings of Original Version Economic Development - Reporting of tax incentives
Effective Dates, Delayed - New and expanded industry, August 1, 2020
General Assembly - Tax expenditures and incentives claimed, recommendations for effectiveness of
Taxation, Income--Corporate - Tax expenditures and incentives claimed, reporting of
Taxation, Income--Individual - Tax expenditures and incentives claimed, reporting of
Taxation, Sales and Use - New and expanded industry
Sunset Legislation - Tax expenditures, four-year limit

Actions

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02/28/20
  • introduced in House
03/02/20
  • to Appropriations & Revenue (H)


Last updated: 4/29/2020 12:16 PM (EDT)
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