| Title | AN ACT relating to tax expenditures. |
|---|---|
| Bill Documents | Original |
| Sponsors | A. Hatton |
| Summary of Original Version | Create a new section of KRS Chapter 6 to make definitions and require a 4-year 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 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 and 139.481 to conform; EFFECTIVE, in part, August 1, 2021. |
| Index Headings |
Economic Development - Reporting of tax incentives Effective Dates, Delayed - New and expanded industry, August 1, 2021 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 |
| 12/10/20 | Prefiled by the sponsor(s). |
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Last updated: 1/4/2021 4:38 PM (EST)
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