Kentucky House Bill 424 (Prior Session Legislation)

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Spectrum: Moderate Partisan Bill (Republican 4-1)
Status: Introduced on February 16 2017 - 25% progression, died in committee
Action: 2017-02-21 - to Appropriations & Revenue (H)
Pending: House Appropriations and Revenue Committee
Text: Latest bill text (Draft #1) [PDF]

Amend KRS 141.010 to exclude from the definition of "adjusted gross income" wages received by an employee from a qualified Kentucky promise zone employer; define "Kentucky promise zone," "qualified Kentucky promise zone employer," and "services performed in the Kentucky promise zone"; amend KRS 141.310 to exempt Kentucky promise zone employers from deducting and withholding individual income tax imposed under KRS 141.020 from an employee's wages; require reporting by Kentucky promise zone employers and the Department of Revenue; amend KRS 139.570 to allow qualified Kentucky promise zone employers located in the Kentucky promise zone to deduct an amount of compensation equal to 75 percent of the tax due, provided the amount due is not delinquent at the time of payment; require the Department of Revenue to report information to the Legislative Research Commission; amend KRS 131.190, 131.135, 131.618, 131.650, 131.990, 141.389, and 131.020 to conform.

AN ACT relating to Kentucky promise zone tax incentives.

Rep. Tim Couch [R]	Rep. Regina Huff [R]	Rep. Chris Fugate [R]	Rep. Rick Nelson [D]
Rep. Jim Stewart [R]

Date	Chamber	Action
2017-02-21	House	to Appropriations & Revenue (H)
2017-02-16	House	introduced in House

Type	Source
Summary	http://www.lrc.ky.gov/record/17RS/HB424.htm
Text	http://www.lrc.ky.gov/recorddocuments/bill/17RS/HB424/bill.pdf
Supplement	http://www.lrc.ky.gov/recorddocuments/note/17RS/HB424/FN.pdf