Kentucky House Bill 399 (Prior Session Legislation)

---

Spectrum: Moderate Partisan Bill (Republican 4-1)
Status: Introduced on February 15 2017 - 25% progression, died in committee
Action: 2017-02-16 - to Appropriations & Revenue (H)
Pending: House Appropriations and Revenue Committee
Text: Latest bill text (Draft #1) [PDF]

Create new sections of KRS Chapter 136 to establish a new tax credit against the taxes imposed on insurance companies and financial institutions, for contributions made by them into rural growth funds which make investments in certain businesses principally operating in certain areas of the state; declare findings and the purpose of the credit; define terms; require an entity to follow a process to apply for certification as a rural growth fund, and for investors in that entity to receive tax credits awarded by the Department of Revenue; allow the department to issue $60,000,000 in tax credits; provide credit sunset terms and other conditions for participating in the program and for claiming the credit; provide for revocation of tax credits; allow the department to audit rural growth funds; limit any liability of the Commonwealth in regard to rural growth funds or investments made by them; require various reports to be filed with the department and the Legislative Research Commission to enable evaluations of the credit program; provide for the ordering of the credit; declare short title to be the Kentucky Rural Jobs Tax Credit Act of 2017.

AN ACT relating to the establishment of a tax credit to promote investments in rural Kentucky businesses and making an appropriation therefor.

Rep. John Blanton [R]	Rep. Chris Harris [D]	Rep. Larry Brown [R]	Rep. Tim Couch [R]
Rep. William Wells [R]

Date	Chamber	Action
2017-02-16	House	to Appropriations & Revenue (H)
2017-02-15	House	introduced in House

Type	Source
Summary	http://www.lrc.ky.gov/record/17RS/HB399.htm
Text	http://www.lrc.ky.gov/recorddocuments/bill/17RS/HB399/bill.pdf
Supplement	http://www.lrc.ky.gov/recorddocuments/note/17RS/HB399/FN.pdf