22RS HB 423

House Bill 423

Actions

Last Action	02/01/22: to Committee on Committees (H)
Title	AN ACT relating to taxation.
Bill Documents	Introduced
Bill Request Number	1492
Sponsors	A. Hatton, B. Wheatley
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, 2022.
Index Headings of Original Version	Economic Development - Reporting of tax incentives Effective Dates, Delayed - New and expanded industry, August 1, 2022 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