HB 407 (BR 448) - R. Palumbo, T. Thompson
AN ACT relating to economic development.
Create new sections of KRS 154.20 to create definitions and to establish the construction loan guarantee program; apply to commercial building construction projects; allow agency to issue loan guarantees of up to 25% of loan principal; require consideration of impact on economic development, credit-worthiness of borrower, and other factors; require application and approval process and set other standards; allow sales tax on purchases related to the project to be used to fund loan program; sunset program in 2016; create a new section of KRS 154.20 to establish the construction loan guarantee account to fund the loan guarantee program; provide for reporting and disposition of funds.
HB 407 - AMENDMENTS
HFA (1, R. Palumbo) - Delete provisions creating the sales tax funding mechanism.
Feb 9-introduced in House
Feb 10-to Economic Development (H); posting waived
Feb 15-reported favorably, 1st reading, to Consent Calendar
Feb 16-2nd reading, to Rules
Feb 17-taken from Rules (H); placed in the Orders of the Day for Friday, February 18, 2011; floor amendment (1) filed
Feb 18-3rd reading, passed 77-18 with floor amendment (1) ; received in Senate
Feb 23-to Appropriations & Revenue (S)