House Bill 230

Actions | Amendments
Last Action 03/25/21: signed by Governor (Acts Ch. 122)
Title AN ACT relating to the taxation of the commercial mining of cryptocurrency.
Bill Documents Current/Final
Introduced
Fiscal Impact Statements Fiscal Note
Additional Fiscal Impact Statements Exist
Bill Request Number 293
Sponsors S. Rudy, C. Freeland, P. Flannery
Summary of Original Version Create new section of KRS 139 which defines various terms relating to commercial mining of cryptocurrency using blockchain technology, provides sales and use tax exemptions on the tangible personal property directly used and the electricity used in commercial mining of cryptocurrency as of the date of approved application, provides for a four year sunset from July 1, 2021 to June 30, 2025, and requires the amount of the exemption to be reported by the Department of Revenue beginning on January 1, 2022 and every January 1 thereafter; amend KRS 160.613 to exempt electricity used or consumed in the commercial mining of cryptocurrency; amend KRS 160.6131 to define commercial mining of cryptocurrency and colocation facility; amend KRS 131.190 as a conforming change. EFFECTIVE July 1, 2021
Index Headings of Original Version Effective Dates, Delayed - July 1, 2021
Energy - Sales and use tax, exemption for commercial mining of cryptocurrency
Energy - Utilities gross receipts and license tax, exemption for commercial mining of cryptocurrency
Taxation - Sales and Use, commercial mining of cryptocurrency facility, exemption
Taxation, Sales and Use - Commercial mining of cryptocurrency tangible personal property and electricity, exemption
Reports Mandated - Department of Revenue, exemption totals
Technology - Sales and use tax, commercial mining of cryptocurrency, exemption
Technology - Utilities gross receipts and license tax, exemption for commercial mining of cryptocurrency
Sunset Legislation - Begins July 1, 2021 and sunsets June 30, 2025
Fiscal Note - Sales and use tax, commercial mining of cryptocurrency
Jump to Proposed Amendments House Committee Substitute 1 with Fiscal Impact Statements
House Floor Amendment 1
Senate Floor Amendment 1
Senate Floor Amendment 2
Senate Floor Amendment 3
Senate Floor Amendment 4
Senate Floor Amendment 5
Senate Floor Amendment 6
Senate Floor Amendment 7
Votes Vote History

Actions

Top | Amendments
01/08/21
  • introduced in House
  • to Committee on Committees (H)
02/02/21
  • to Appropriations & Revenue (H)
02/04/21
  • posted in committee
02/24/21
  • taken from Appropriations & Revenue (H)
  • 1st reading
  • returned to Appropriations & Revenue (H)
03/01/21
  • taken from Appropriations & Revenue (H)
  • 2nd reading
  • returned to Appropriations & Revenue (H)
03/02/21
  • reported favorably, to Rules with Committee Substitute
  • posted for passage in the Regular Orders of the Day for Wednesday, March 3, 2021
03/03/21
  • floor amendment (1) filed to Committee Substitute
  • 3rd reading, passed 82-15 with Committee Substitute and floor amendment (1)
03/04/21
  • received in Senate
  • to Committee on Committees (S)
03/05/21
  • to Natural Resources & Energy (S)
  • taken from Natural Resources & Energy (S)
  • 1st reading
  • returned to Natural Resources & Energy (S)
03/11/21
  • reported favorably, 2nd reading, to Rules
  • floor amendments (1), (2-title) and (3) filed
03/12/21
  • posted for passage in the Regular Orders of the Day for Monday, March 15, 2021
03/15/21
  • floor amendments (4-title) and (5) filed
  • floor amendments (6) and (7-title) filed
  • 3rd reading
  • floor amendments (1) (2-title) and (3) withdrawn
  • passed 29-7
  • received in House
03/16/21
  • enrolled, signed by Speaker of the House
  • enrolled, signed by President of the Senate
  • delivered to Governor
03/25/21
  • signed by Governor (Acts Ch. 122)

Proposed Amendments

Top | Actions
Amendment House Committee Substitute 1
Fiscal Impact Statement Fiscal Note to House Committee Substitute 1
Summary Retain original provisions; limit the sales and use tax exemption to electricity used in the commecial mining of cryptocurrency; sunset exemptions June 30, 2030; EFFECTIVE July 1, 2021.
Index Headings Effective Dates, Delayed - Tax exemption, effective July 1, 2021
Energy - Sales and use tax, exemption for commercial mining of cryptocurrency
Energy - Utilities gross receipts and license tax, exemption for commercial mining of cryptocurrency
Taxation - Sales and Use, commercial mining of cryptocurrency facility, exemption
Taxation, Sales and Use - Commercial mining of cryptocurrency, exemption
Reports Mandated - Department of Revenue, exemption totals
Technology - Sales and use tax, commercial mining of cryptocurrency, exemption
Technology - Utilities gross receipts and license tax, exemption for commercial mining of cryptocurrency
Sunset Legislation - Begins July 1, 2021 and sunsets June 30, 2030
Fiscal Note - Sales and use tax, exemption for commercial mining of cryptocurrency

Amendment House Floor Amendment 1
Sponsor S. Rudy
Summary Retain original provisions; amend the definition of "colocation facility."
Index Headings Taxation - Sales and use tax, colocation facility definition
Taxation, Sales and Use - Colocation facility definition

Amendment Senate Floor Amendment 1
Sponsor B. Smith
Summary Retain original language; amend KRS 154.27-010 to define additional terms; amend KRS 154.27-020 to change the name of the program to "Incentives for Energy-related Business" and include cryptocurrency facilities with a minimum capital investment of one million dollars; and amend KRS 154.27-030, KRS 154.27-095,154.12-2035, and 353.804 to conform; EFFECTIVE July 1, 2021.
Index Headings Economic Development - Incentive for Energy Independence Act, new name
Effective Dates, Delayed - Incentive for Energy Independence Act, new name, July 1, 2021
Taxation - Incentives for Energy Independence Act, new name, cryptocurrency facilities

Amendment Senate Floor Amendment 2
Sponsor D. Givens
Summary Make title amendment.
Index Headings Title Amendments - HB 230/GA

Amendment Senate Floor Amendment 3
Sponsor D. Givens
Summary Retain original provisions; amend KRS 12.020 to rename an office and a commission associated with the Cabinet for Economic Development; amend various KRS Chapter and sections to conform; amend KRS 65.7047 to require the city or county to engage a qualified independent outside consultant prior to entering a local tax increment financing agreement; amend KRS 141.403 to sunset the income tax credit related to the Kentucky Industrial Revitalization Act; amend KRS 154.12-204 to coordinate the definitions related to the Bluegrass State Skills grant in aid and training tax credit with the definitions in other economic development programs; amend KRS 154.12-206 and 154.12-207 to modify the delivery of skills training and increase the tax credit thresholds awarded to approved companies; amend KRS 154.12-310 to require a statewide network of Kentucky innovation hubs; amend KRS 154.20-230 to allow the certain entities involved in other technological advances to be deemed as engaged in a qualified activity for tax credit purposes; amend KRS 154.20-232 and 154.20-234 to modify the administrative processes for the Kentucky Angel Investment Act; amend various sections in KRS Chapter 154, subchapter 20, to add and modify definitions related to the Kentucky Investment Fund Act, create a new tax credit cap, limit the tax credit to 25% of the investor's proportional ownership share, and make changes to the application and approval process; amend KRS 154.31-010 to add and modify definitions related to the sales and use tax refund related to the Kentucky Investment Act; amend various sections in KRS Chapter 154, subchapter 32, to eliminate, add, and modify definitions related to the Kentucky Business Investment Program, expand the qualifying activities, and eliminate the advance disbursement provisions; amend various sections of KRS Chapter 154, subchapter 34, to add and modify definitions related to the Kentucky Reinvestment Act, require a preliminarily approved company to complete the reinvestment project within 3 years from the date of preliminary approval, limit the amount of incentives allowed in any year to no more than 20% of the total amount of approved costs, and require the company to incur at least $1 million of eligible equipment and related costs for leased projects; amend various sections in KRS Chapter 154, subchapter 35, to add definitions related to the Kentucky Research and Development Infrastructure Fund and modify the duties of the research centers of the University of Louisville; create a new section in KRS Chapter 154, subchapter 26, to sunset the Kentucky Industrial Revitalization Act; amend various sections in KRS Chapter 164 to move the Kentucky Innovation Act and the Kentucky Enterprise Fund to the Cabinet for Economic Development, make conforming changes, increase the amount of grants awarded from the fund, and change administrative processes; transfer all moneys in the Kentucky Rural Innovation Fund and the Kentucky Commercialization Fund on July 1, 2021; amend KRS 141.396 to require the Department of Revenue to submit an annual report on the Angel Investor tax credit; repeal various sections in KRS Chapter 164.
Index Headings Economic Development - Bluegrass State Skills
Economic Development - Kentucky Angel Investment Act
Economic Development - Kentucky Business Investment Program
Economic Development - Kentucky Enterprise Fund
Economic Development - Kentucky Innovation Act
Economic Development - Kentucky Investment Fund Act
Economic Development - Kentucky Reinvestment Act
Taxation - Bluegrass State Skills
Taxation - Kentucky Angel Investment Act
Taxation - Kentucky Business Investment Program
Taxation - Kentucky Investment Fund Act
Taxation - Kentucky Reinvestment Act
Taxation, Income--Corporate - Economic development tax credits
Reports Mandated - Angel investor tax credit, Department of Revenue

Amendment Senate Floor Amendment 4
Sponsor G. Neal
Summary Make title amendment.
Index Headings Title Amendments - HB 230/GA

Amendment Senate Floor Amendment 5
Sponsor G. Neal
Summary Retain original language, which becomes effective July 1, 2021; create new a section in KRS Chapter 65 to define terms and require a minimum investment be pledged from private sector investors, consolidated local government, and the Commonwealth; and require incremental tax revenues be pledged to the West End Opportunity Partnership from a consolidated local government and the Commonwealth, which is effective only if 2021 Regular Session Bill Request Number 1553 becomes law; APPROPRIATION.
Index Headings Taxation - West End Opportunity Partnership, incremental tax revenues
Taxation, Income--Individual - West End Opportunity Partnership, incremental tax revenues
Taxation, Property - West End Opportunity Partnership, incremental tax revenues
Taxation, Sales and Use - West End Opportunity Partnership, incremental tax revenues
Consolidated Local Governments - West End Opportunity Partnership, incremental tax revenues
Appropriations - West End Opportunity Partnership

Amendment Senate Floor Amendment 6
Sponsor G. Neal
Summary Retain original language, which becomes effective July 1, 2021; create new sections of KRS Chapter 136 to establish the growth fund tax credit; amend KRS 131.190 to allow reporting of the tax credit to the Interim Joint Committee on Appropriations and Revenue; establish Subchapter 21 of KRS Chapter 154 and create new sections thereof to establish an application and approval process for investment in growth businesses by a growth fund and verification related to the new tax credit; and provide that Sections 9 to 15 of this Act may be cited as the Kentucky Rural Jobs Act of 2021.
Index Headings Economic Development - Growth fund program, establishment
Taxation - Growth fund tax credit, establishment
Taxation - Insurance premiums tax, growth fund tax credit, establishment
Reports Mandated - Rural growth fund tax credit and program, Department of Revenue to report on
Short Titles and Popular Names - Kentucky Rural and Opportunity Zone Jobs Act

Amendment Senate Floor Amendment 7
Sponsor G. Neal
Summary Make title amendment.
Index Headings Title Amendments - HB 230/GA

Last updated: 4/11/2021 12:15 AM (EDT)
To receive notice when the record is updated follow @LRCTweetBot.