HB 349/LM (BR 916) - J. Draud, T. Kerr, A. Koenig, T. Thompson, A. Wuchner
AN ACT relating to community redevelopment.
Create new sections of KRS Chapter 65 to establish the public purpose of tax increment financing; define terms; provide for the establishment and amendment of local development areas and development areas; identify funding sources for local governments; permit the issuance of increment bonds by local governments; require a sinking fund; establish requirements for local participation agreements; allow for the establishment of a community redevelopment authority; allow service payment agreements; establish the State Tax Increment Financing Commission; establish the Commonwealth Participation Program for Real Property Ad Valorem Tax Revenues and the Commonwealth Participation Program for State Tax Revenues and provide application procedures and requirements for both programs; establish requirements for project grant agreements; provide for the payment and release of incremental revenues; limit the provisions of KRS 65.490 to 65.499 and KRS 65.680 to 65.699 to development areas that have been established and agreements that have been executed prior to the effective date of the Act; amend KRS 132.012 to conform; establish the Division of Tax Increment Financing within the Department of Revenue.
Feb 7-introduced in House
Feb 9-to Appropriations & Revenue (H)
Feb 16-posted in committee