HB 433 (BR 162) - J. Richards
AN ACT relating to economic development.
Create a new section of KRS Chapter 154 to provide definitions; create a new section of KRS Chapter 154 to authorize the authority to promulgate administrative regulations; authorize a $1,000 nonrefundable tax credit to any qualified business that does not participate in other economic development incentive programs for each newly hired qualified employee; provide for the tax credit to be taken against taxes imposed by KRS Chapter 141; allow for a carry-forward provision for five years for unused credits; require that no existing full-time jobs within a qualified business shall be adversely affected or terminated; require the authority to make all inquiries concerning an application that it deems necessary; require the authority to provide the Revenue Cabinet with appropriate notification and documentation of the tax credits that are provided to the qualified business; amend KRS 141.0205 to include the job creating tax credit among the prioritized list of credits; provide that credit shall be permitted for taxable years beginning after December 31, 2003.
Feb 2-introduced in House
Feb 3-to Appropriations and Revenue (H)