03RS HB510


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HB 510/FN (BR 521) - L. Clark, S. Brinkman, P. Bather, De. Butler, P. Clark, R. Crimm, R. Damron, B. DeWeese, C. Hoffman, D. Horlander, J. Jenkins, M. Marzian, R. Meeks, J. Richards, S. Riggs, T. Riner, D. Sims, G. Stumbo, R. Thomas, R. Wilkey

     AN ACT relating to economic development.
     Create new sections of KRS Chapter 154, to declare intent of the General Assembly to reinvest in existing industry; define terms; require the secretary of the Cabinet for Economic Development to provide staff to the authority to discharge its duties; declare that no director or officer of the authority shall be subject to personal liability by reason of execution of any authorized obligation; allow the authority to expend moneys appropriated by the General Assembly or received from other sources; require that employees of the authority shall not have an ownership interest in any firm having any contact with the authority; require any employee of the authority to declare any ownership interest in any firm having contact with the authority; allow the authority to promulgate regulations; establish criteria for preliminary approval of eligible companies; establish requirements for eligible companies that apply to the authority for inducements; require a preliminarily approved company to provide specific documentation to the authority relating to eligible costs; state that after July 1, 2004, the authority may give final approval to a preliminarily approved company; pursuant to KRS 61.815, allow the authority to hold closed sessions to discuss matters exempt from the open meetings law; set forth the terms and conditions of a reinvestment agreement; permit an approved company credits against taxes imposed by KRS 141.020, 141.040 and 136.070; state that the total inducements authorized shall be equal to the lesser of the total amount of the tax liability or the approved costs that have not been recovered; state that the approved company shall not be required to pay estimated income tax payments on income derived from the project; provide that the agreement shall not be longer than the earlier of the date on which a company has received inducements equal to the approved costs or ten years from the date of the final approval; provide that if the agreement is terminated, the authority may require the approved company to repay all or part of its inducements; provide that an approved company shall make available to the authority all of its records pertaining to the project; require that the agreement shall not be transferred without the consent of the authority; require the Revenue Cabinet, by October 1 of each year, to certify to the authority the aggregate income tax credits claimed by approved companies and when an approved company has taken inducements equal to approved costs; create new sections in KRS Chapter 141 to provide for the calculation of tax credits.


     HCA (1, L. Clark) - Make technical changes.

     SFA (1, L. Casebier) - Create a new section of KRS Chapter 136 to provide that a corporation that holds securities in other corporations equal to 50% or more of total assets may compute capital employed either by filing a consolidated return or by deducting the book value of the investment; provide that the section applies only to returns with due dates between April 15, 2004 and April 15, 2005; repeal KRS 136.071.

     SFA (2/Title, L. Casebier) - Make title amendment.

     Feb 14-introduced in House
     Feb 18-to Appropriations and Revenue (H)
     Feb 21-posting waived
     Feb 24-reported favorably, 1st reading, to Calendar with committee amendment (1)
     Feb 25-2nd reading, to Rules
     Feb 26-posted for passage in the Regular Orders of the Day for Thursday, February 27, 2003
     Feb 27-3rd reading, passed 96-0 with committee amendment (1)
     Feb 28-received in Senate
     Mar 3-to Economic Development, Tourism & Labor (S)
     Mar 4-reported favorably, 1st reading, to Consent Calendar
     Mar 5-2nd reading, to Rules
     Mar 6-posted for passage in the Consent Orders of the Day for Thursday, March 6, 2003
     Mar 10-taken from the Consent Orders of the Day, placed in the Regular Orders of the Day for Monday, March 10, 2003; floor amendments (1) and (2-title) filed ; passed over and retained in the Orders of the Day
     Mar 11-3rd reading, passed 38-0 with floor amendments (1) and (2-title) ; received in House; posted for passage for concurrence in Senate floor amendments (1) and (2-title) ; returned to Senate; posted for passage for receding from Senate floor amendments (1) and (2-title) ; floor amendment (2-title) withdrawn ; Senate receded from floor amendment (1) ; passed 32-0; received in House; enrolled, signed by each presiding officer; delivered to Governor
     Mar 19-signed by Governor (Acts ch. 148)

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