| 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 |
| 02/28/20 |
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| 03/02/20 |
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Last updated: 10/27/2020 12:10 PM (EDT)
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