HB 902/FN (BR 1006) - C. Geveden
AN ACT relating to economic development.
Amend KRS 154.24-010 to define an "information technology business" as a business entity involved in the design, development, and production of computer hardware and software; amend KRS 154.24-090 to exempt information technology businesses from the requirement to create a minimum number of full time jobs; amend KRS 154.24-120 and 154.24-140 to conform.
HB 902 - AMENDMENTS
HCS - Retain original provisions related to definition of "information technology" business; amend various sections of KRS 154.24 to define an "advanced technology start-up company" which includes information technology businesses, expand the definition of "start-up costs"; require that 5 new jobs with wages above 150% of the statewide average be created; create new sections in KRS 154.24 to permit the transfer of income tax credits, allow local governments to provide additional inducements, and require administrative regulations.
HFA (1, H. Anderson) - Create new section of KRS 154.24 to allow advanced technology start-up companies locating in a qualified county as defined in KRS 154.22-010(16) to be eligible for, and eligible to transfer, one and a half times the amount of income tax credits allowed under KRS 154.24.
SCS - Retain original provisions relating to the definition of "information technology businesses"; amend various sections of KRS 154.24 to define an "advanced technology start-up company"; require that 5 new jobs with wages above 135% of the statewide average be created; create new sections in KRS 154.24 to permit the transfer of rent and start-up costs credits against the taxes that otherwise would be due under KRS 141.020, 136.320, 136.330, and 136.505; allow local governments to provide additional inducements; allow an advanced technology company located in a qualified county as defined in KRS 154.22-010(16) to be eligible to transfer rent and start-up costs equal to one and one-half times the amount of rent and start-up costs for which it would otherwise be eligible; require administrative regulations.
SFA (1, W. Blevins) - Retain original provisions; add KRS 141.040 to the list of taxes against which tax credits are available for advanced technology start-up companies.
SFA (2, D. Williams) - Amend various subsections of KRS 154.26 to define "inducements" as tax credits and the job revitalization assessment fee; allow a credit against the license tax imposed by KRS 136.070; create a new section of KRS 136 to provide definitions for "approved company," "economic revitalization project," and "tax credit"; set forth the requirements for computing a tax credit; allow the Revenue Cabinet, at its discretion, to issue administrative regulations to reflect the intent of KRS 154.26-010 to 154.26-100.
Feb 28-introduced in House
Feb 29-to Economic Development (H)
Mar 7-posted in committee
Mar 9-reported favorably, 1st reading, to Calendar with Committee Substitute
Mar 10-2nd reading, to Rules
Mar 13-posted for passage in the Regular Orders of the Day for Tuesday, March 14, 2000
Mar 14-floor amendment (1) filed to Committee Substitute
Mar 15-3rd reading, passed 98-0 with Committee Substitute, floor amendment (1)
Mar 16-received in Senate
Mar 21-to Economic Development, Tourism & Labor (S)
Mar 23-reported favorably, 1st reading, to Consent Calendar with Committee Substitute
Mar 24-2nd reading, to Rules; floor amendment (1) filed to Committee Substitute
Mar 27-posted for passage in the Consent Orders of the Day for Monday, March 27, 2000; taken from the Consent Orders of the Day, placed in the Regular Orders of the Day; 3rd reading; passed over and retained in the Orders of the Day; floor amendment (2) filed to Committee Substitute
Mar 28-passed over and retained in the Orders of the Day
Mar 29-3rd reading, passed 34-0 with Committee Substitute, floor amendments (1) and (2) ; received in House; posted for passage for concurrence in Senate Committee Substitute, floor amendments (1) and (2) ; House concurred in Senate Committee Substitute, floor amendments (1) and (2) ; passed 93-0
Apr 11-enrolled, signed by each presiding officer, delivered to Governor