Last Action | 04/08/22: signed by Governor (Acts Ch. 146) |
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Title | AN ACT relating to incentive programs and declaring an emergency. |
Bill Documents |
Acts Chapter 146
Current/Final Introduced |
Fiscal Impact Statements |
Fiscal Note
Local Mandate |
Bill Request Number | 2190 |
Sponsor | P. Wheeler |
Summary of Original Version | Amend KRS 154.20-258 to allow a tax credit of up to 40 percent if the contribution is made to an investment fund approved by the authority prior to January 1, 2023, and 25 percent if the contribution is made to an investment fund approved by the authority on or after January 1, 2023; amend KRS 65.7047 to add that if the city or county pledges occupational license taxes or fees as part of the local tax revenue to support local development areas, it may contract for the services of a qualified independent outside consultant or financial adviser, making this optional and setting forth requirements; amend KRS 65.7049 to add that if the city or county intends to apply for the Signature Projects Program under KRS 154.30-050 or the mixed-use redevelopment program under KRS 154.30-060, the city or county shall engage the services of a qualified independent outside consultant or financial adviser, specifying the reporting requirements of the financial adviser; amend KRS 65.7053 to include that an ordinance establishing the development area must also include the estimated fiscal impact arrived at by the financial adviser under their reporting requirements addressed in KRS 65.7049; amend KRS 154.20-410 to end the Kentucky alternative fuel and renewable energy fund and deeming any balances be transferred to the Kentucky enterprise fund established in KRS 164.6019; amend KRS 164.6019 to conform with this transfer; repeal KRS 154.20-405; EMERGENCY. |
Index Headings of Original Version |
Effective Dates, Emergency - Incentive programs, local development area, tax credit Taxation - Incentive programs, local development area, tax credit Cities - Local development area, tax credit Counties - Local development area, tax credit Local Mandate - Local development area, tax credit Fiscal Note - Incentive programs, local development area, tax credit Economic Development - Incentive programs, local development area, tax credit |
Jump to Proposed Amendments | House Committee Substitute 1 |
Votes | Vote History |
02/28/22 |
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03/01/22 |
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03/16/22 |
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03/17/22 |
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03/18/22 |
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03/23/22 |
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03/29/22 |
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03/30/22 |
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04/08/22 |
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Amendment | House Committee Substitute 1 |
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Summary | Retain original provisions, except remove the amendments to KRS 65.7047, 65.7049, 65.7053, and 164.6019 and the language pertaining to Tax Increment Financing projects; EMERGENCY. |
Index Headings |
Economic Development - Investment fund contributions Effective Dates, Emergency - Kentucky alternative fuel and renewable energy fund, elimination Fuel - Kentucky alternative fuel and renewable energy fund, elimination |
Last updated: 2/8/2023 2:57 PM (EST)