Kentucky House Bill 610 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Introduced on March 1 2016 - 25% progression, died in chamber
Action: 2016-03-02 - to Appropriations & Revenue (H)
Text: Latest bill text (Draft #1) [PDF]

Create several new sections of KRS Chapter 136 to establish a new tax credit against the taxes imposed on insurance companies, for contributions made by them into rural growth funds which make investments in certain small businesses principally operating in certain rural areas of the state; declare findings and the purpose of the credit; define terms; provide for the process an entity must follow 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 $80,000,000 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 under certain circumstances; allow the department to audit rural growth funds and examine officers thereof; limit any liability of the Commonwealth in regards 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 of the Act to be the Kentucky Rural Business Tax Credit Act of 2016.

AN ACT relating to the establishment of a tax credit to promote investments in rural Kentucky businesses.

Rep. Mitchel Denham [D]

Rep. Thomas Thompson [D]

Rep. Steven Rudy [R]

Date	Chamber	Action
2016-03-02	House	to Appropriations & Revenue (H)
2016-03-01	House	introduced in House

Type	Source
Summary	http://www.lrc.ky.gov/record/16RS/HB610.htm
Text	http://www.lrc.ky.gov/record/16RS/HB610/bill.pdf