SB 372/FN (BR 812) - L. Saunders
AN ACT relating to a pilot program for tax increment financing in counties containing a city of the first class.
Create new sections of KRS Chapter 65 relating to tax increment financing; establish definitions; declare increments in tax revenues to be a public benefit; permit local governments in counties containing cities of the first class, cities of the first class, and designated agencies to enter into contracts for the release of tax increments arising from designated development areas and require these contracts to be for no more than 50% or 95% of tax revenues, as specified; require contracting agencies other than a local government to notify tax collection officials for release of funds; require collection agent to divide funds as prescribed; require local government to release funds to their own agencies that are eligible to receive the tax increments; require increments to local government agencies to be used solely for projects in a development area; repeal KRS 99.751, 99.756, 99.761, 99.766, and 99.771.
Mar 2-introduced in Senate
Mar 6-to Appropriations and Revenue (S)
Mar 16-reported favorably, 1st reading, to Consent Calendar
Mar 17-2nd reading, to Rules
Mar 20-posted for passage in the Consent Orders of the Day for Tuesday, March 21, 2000
Mar 21-3rd reading, passed 38-0; received in House
Mar 22-to Economic Development (H); posting waived
Mar 23-reported favorably, 1st reading, to Calendar
Mar 24-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for Monday, March 27, 2000
Mar 27-3rd reading, passed 68-25
Mar 28-received in Senate; enrolled, signed by each presiding officer, delivered to Governor
Apr 6-signed by Governor (Acts ch. 326)