05RS HB394

HB394

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HB 394 (BR 1482) - R. Palumbo, R. Damron

     AN ACT relating to economic development.
     Create new sections of KRS Chapter 154 to establish findings and definitions; allow businesses to apply annually with the Cabinet for Economic Development to become eligible for benefits; require the Cabinet for Economic Development to approve or deny applications based on criteria for minimum capital expenditures, minimum qualified employees, and average wage; allow qualified businesses to file for a refund with the Revenue Cabinet on sales and use taxes paid on capital expenditures; allow motor vehicle usage tax exemption for vehicles not considered commercial vehicles but purchased and used by qualified businesses solely for business purchases; allow the Cabinet for Economic Development and the Revenue Cabinet to promulgate administrative regulations; provide short title of the Kentucky Enterprise Zone Reform and Job Creation Act; allow an eligible business to apply for a refund on sales and use taxes paid on capital expenditures made on or after January 1, 2004.

     Feb 9-introduced in House
     Feb 10-to Economic Development (H)
     Feb 11-posted in committee


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