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HB 447/FN (BR 1813) - S. Westrom

     AN ACT relating to the new markets development program tax credit.
     Amend KRS 141.432, relating to the state New Markets Development Program Tax Credit, to define terms, to amend the definition of "qualified community development entity" to allow an entity to qualify as such and possibly receive credit allocations if it is certified under the federal New Markets Tax Credit program and either has a federal credit allocation for the current year or has its principal place of business in the state, and to allow the credits to also apply against liabilities for the state bank franchise tax; amend KRS 141.433 to conform; amend KRS 141.434 to require the Department of Revenue to submit an annual report to the Legislative Research Commission to provide various information relating to the amounts of credits awarded, the amounts claimed, the entities receiving credit allocations and their proposed use of credit-related investments, and the amount of any recaptured credits; create two new sections of KRS Chapter 136 to provide for the ordering of credits against the bank franchise tax and taxes imposed on insurance companies.



     Feb 19, 2016 - introduced in House
     Feb 22, 2016 - to Appropriations & Revenue (H)
     Mar 04, 2016 - posted in committee
     Mar 22, 2016 - reported favorably, 1st reading, to Consent Calendar
     Mar 23, 2016 - 2nd reading, to Rules; posted for passage in the Consent Orders of the Day for Thursday, March 24, 2016
     Mar 24, 2016 - 3rd reading, passed 96-0
     Mar 25, 2016 - received in Senate
     Mar 28, 2016 - to Appropriations & Revenue (S)