Kentucky House Bill 484 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on February 23 2015 - 25% progression, died in committee
Action: 2015-02-24 - to Appropriations & Revenue (H)
Pending: House Appropriations and Revenue Committee
Text: Latest bill text (Draft #1) [MS Word]

Amend KRS 141.432, relating to the new markets tax credit, to define terms and reduce the amount of investments that may be made in any single low-income community businesses for purposes of the tax credit from $10 million to $5 million; amend KRS 141.433 to make various changes to the application procedure and qualification requirements for the tax credit, including that a qualified community development entity (CDE) shall have a federal tax credit allocation agreement dated on or after January 1, 2014, in order to qualify for state credits on or after January 1, 2015; require that certain CDEs shall have received more than one federal credit allocation, and have made at least $50 million in investments under the program, in order to qualify for state credit; increase the amount of the refundable performance fee that a CDE must pay with its application for tax credit from 0.5% to 1% of the amount of investment requested to be certified; require new annual reports to be submitted by all CDEs to the Department of Revenue, and from the department to the Legislative Research Commission, relating to tax credits awarded and utilized under this program; amend KRS 131.190 to allow the department to issue the report.

AN ACT relating to the new markets tax credit.

Rep. Leslie Combs [D]

Rep. Cluster Howard [D]

Date	Chamber	Action
2015-02-24	House	to Appropriations & Revenue (H)
2015-02-23	House	introduced in House

Type	Source
Summary	http://www.lrc.ky.gov/record/15RS/HB484.htm
Text	http://www.lrc.ky.gov/record/15RS/HB484/bill.doc