HB 242 (BR 893) - E. Ballard, G. Stumbo, J. Adams, Ro. Adams, R. Adkins, J. Arnold Jr., A. Arnold, C. Belcher, I. Branham, J. Bruce, P. Childers, P. Clark, H. Collins, B. Colter, H. Cornett, B. Crall, R. Damron, J. Fischer, D. Ford, C. Geveden, J. Gooch, J. Gray, K. Hall, J. Haydon, P. Marcotte, F. Nesler, M. Rader, J. Richards, C. Siler, D. Sims, B. Smith, J. Stacy, J. Stewart, R. Thomas, Jo. Turner, T. Turner, J. Vincent, M. Weaver, R. Webb, B. Yonts
AN ACT relating to economic development.
Create new sections of Subchapter 26 of KRS Chapter 154 to establish the Kentucky Coal Revitalization Act; declare the need to induce revitalization of existing and creation of new coal mining and processing facilities; permit approved companies to participate in a coal revitalization project; authorize the Kentucky Economic Development Authority to enter into an agreement with an approved company and permit the approved company to take a tax credit under KRS 141.040 and a wage assessment; amend KRS 141.310 to allow an employer who withholds a job assessment fee to offset a portion of the fee against the Kentucky income tax; create a new section of KRS Chapter 141 to require an approved company to determine the income tax credit allowed.
HB 242 - AMENDMENTS
HCS - Retain original provisions; clarify definition of what constitutes an approved company; clarify that the authority may establish additional standards for the approval of eligible companies and their projects by the promulgation of administrative regulations.
HFA (1/FN, E. Ballard) - Amend to create new sections of KRS Chapter 141 to provide definitions and provide an income tax credit for a qualified company engaged in the severance or processing of coal for the first time after December 31, 2001, that employees at least 10 employees and makes a qualified investment of at least $100,000 but not more the $1 million in qualified costs; provide that a qualified company may require a job assessment fee as a condition of employment not to exceed 6%; provide that the employee receive a tax credit against the state income tax and local occupational tax for the job assessment fee; amend KRS 141.310 and 141.0205 to conform.
HFA (2/Title, E. Ballard) - Make title amendment.
Feb 9-introduced in House
Feb 12-to Economic Development (H)
Feb 16-posted in committee
Feb 21-reported favorably, 1st reading, to Calendar with Committee Substitute
Feb 22-2nd reading, to Rules
Feb 23-recommitted to Appropriations and Revenue (H)
Feb 27-floor amendments (1) and (2-title) filed