SB 352/FN (BR 908) - R. Roeding, J. Westwood, K. Stine
AN ACT relating to economic development.
Create a new section of KRS 141; provide definitions for agriculture, horticulture, manufacturing, qualified property, and qualified structure; provide a business investment tax credit for a taxpayer who is not eligible for incentives granted in subchapters 22, 24, 26, 28, and 29 of KRS Chapter 154 and who purchases qualified property that is located in Kentucky; allow an available credit equal to 8% of the cost of the qualified property purchased or leased; allow an available credit equal to 12% of the cost of the qualified property utilized in distressed counties; provide that the amount of the credit shall be the lesser of the amount of the available credit or the amount by which the current taxable year's income tax liability, computed without regard to the credit, exceeds the prior taxable year's income tax liability; allow for any unused credit to be carried forward indefinitely; require a taxpayer who claims this credit, at an incrementally descending rate, to repay the credit if the qualified property or structure is disposed of or is removed from the state; amend KRS 141.0205 to include the business investment tax credit.
SB 352 - AMENDMENTS
SFA (1, D. Adams) - Retain original provisions; amend definition of "distressed county" to mean the same thing as a qualified county under KRS 154.22-040(1); add to the definition of "qualified structure" a renovated single-purpose structure.
Feb 29-introduced in Senate
Mar 2-to Economic Development, Tourism & Labor (S)
Mar 8-reported favorably, 1st reading, to Consent Calendar
Mar 9-2nd reading, to Rules
Mar 13-posted for passage in the Consent Orders of the Day for Wednesday, March 15, 2000
Mar 15-recommitted to Appropriations and Revenue (S); floor amendment (1) filed