KY HB448 | 2011 | Regular Session
Status
Spectrum: Bipartisan Bill
Status: Introduced on February 10 2011 - 25% progression, died in committee
Action: 2011-02-28 - recommitted to Appropriations & Revenue (H)
Pending: House Appropriations and Revenue Committee
Text: Latest bill text (Draft #1) [MS Word]
Status: Introduced on February 10 2011 - 25% progression, died in committee
Action: 2011-02-28 - recommitted to Appropriations & Revenue (H)
Pending: House Appropriations and Revenue Committee
Text: Latest bill text (Draft #1) [MS Word]
Summary
Create new sections of KRS Chapter 154 to establish the angel investor tax credit program for certain investments in small businesses; define terms; state program purposes; list requirements for small businesses, investors and investment funds to qualify for program participation; provide application process for certification of businesses and investors, and for the award of tax credits; cap the total amount of angel investor and Kentucky Investment Fund Act tax credits available in all years at $40,000,000; require the Kentucky Economic Development Finance Authority to maintain a web site listing all businesses and investors it has certified, and all credits it has awarded; require the small business to report annually on the state of its business, and provide for tax credit recapture in certain circumstances; amend KRS 154.12-305 to include review of small businesses and investors among the stated duties of the Innovation and Commercialization Center Program; amend KRS 152.20-255 to provide that the total amount of tax credits available in the Kentucky Investment Fund Act program and the angel investor program is $40,000,000 in all years; create a new section of KRS Chapter 141 to create the angel investor tax credit; amend KRS 141.0205 to provide the ordering of the credit; provide that this act shall be known as the Kentucky Angel Investment Act.
Title
AN ACT relating to the angel investor tax credit.
Sponsors
| Rep. Thomas Kerr [R] | Rep. Adam Koenig [R] | Rep. Ruth Palumbo [D] | Rep. Sal Santoro [R] |
| Rep. Arnold Simpson [D] |
History
| Date | Chamber | Action |
|---|---|---|
| 2011-02-28 | recommitted to Appropriations & Revenue (H) | |
| 2011-02-25 | 2nd reading, to Rules | |
| 2011-02-24 | reported favorably, 1st reading, to Calendar with Committee Substitute | |
| 2011-02-23 | posting waived | |
| 2011-02-14 | to Economic Development (H) | |
| 2011-02-10 | introduced in House |
Kentucky State Sources
| Type | Source |
|---|---|
| Summary | http://www.lrc.ky.gov/record/11RS/HB448.htm |
| Text | http://www.lrc.ky.gov/record/11RS/HB448/bill.doc |
