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HB 6/FN (BR 1043) - J. Blanton, J. Sims Jr, L. Brown, T. Couch, C. Fugate, D. Hale, A. Hatton, R. Heath, K. Imes, K. Moser, R. Nelson, M. Prunty, R. Rothenburger, D. St. Onge, R. Webber, S. Westrom

     AN ACT relating to the establishment of a tax credit to promote investments in rural Kentucky businesses and making an appropriation therefor.
     Create new sections of KRS Chapter 136 to establish a new tax credit against the taxes imposed on insurance companies and financial institutions, for contributions made by them into rural growth funds which make investments in certain businesses principally operating in certain areas of the state; declare findings and the purpose of the credit; define terms; require an entity to follow a process to apply for certification as a rural growth fund, and for investors in that entity to receive tax credits awarded by the Department of Revenue; allow the department to issue $60,000,000 in tax credits; provide credit sunset terms and other conditions for participating in the program and for claiming the credit; provide for revocation of tax credits; allow the department to audit rural growth funds; limit any liability of the Commonwealth in regard to rural growth funds or investments made by them; require various reports to be filed with the department and the Legislative Research Commission to enable evaluations of the credit program; provide for the ordering of the credit; declare short title to be the Kentucky Rural Jobs Tax Credit Act of 2018.


     HFA1( T. Couch ) - Amends the definition of rural area to reduce the population requirement to 30,000 at the time an initial rural growth investment is made.
     HFA2( J. Blanton ) - Amend the reporting requirement to require filing of various reports to the Interim Joint Committee on Appropriations and Revenue instead of the Legislative Research Commission.

     Jan 17, 2018 - introduced in House
     Jan 19, 2018 - to Appropriations & Revenue (H)
     Mar 08, 2018 - posted in committee
     Mar 13, 2018 - reported favorably, 1st reading, to Calendar; floor amendments (1) and (2) filed
     Mar 14, 2018 - 2nd reading, to Rules; posted for passage in the Regular Orders of the Day for Thursday, March 15, 2018
     Mar 15, 2018 - 3rd reading; floor amendment (1) adopted; floor amendment (1) reconsidered; passed 76-9 with floor amendment (2)
     Mar 16, 2018 - received in Senate