02RS HB542


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HB 542/FN (BR 1710) - B. Yonts, J. Bowling, M. Cherry, B. Colter, J. Comer, R. Damron, P. Marcotte, R. Mobley, S. Nunn, R. Palumbo, D. Pasley, M. Rader, W. Scott, C. Siler, D. Sims, B. Smith, J. Stewart, C. Walton

     AN ACT relating to economic development through the promotion of the value-added hardwood products industry.
     Create new sections of KRS Chapter 141 to require income tax credits equal to the cost of specific expenses within the value-added hardwood products industry, including the purchase of technology-based and environmentally conscious equipment, facilities, and training; define terms; establish conditions; authorize approval by the Kentucky Economic Development Finance Authority, authorize the Cabinet for Economic Development and the Kentucky Wood Products Competitiveness Corporation to promulgate administrative regulations.


     HCS/FN - Make credit applicable to corporate income taxes only; allow taxpayer to take only 10% of credit in any tax year; extend carry forward to 14 years; require taxpayer to apply under KRS Chapter 154 and meet criteria for tax incentive program.

     HFA (1, B. Yonts) - Make individual income taxpayers eligible for the credit; limit the allowable credit to new income generated from activity on which the credit is based.

     Jan 30-introduced in House
     Jan 31-to Economic Development (H)
     Feb 12-posted in committee
     Feb 14-reported favorably, 1st reading, to Calendar
     Feb 15-2nd reading, to Rules
     Feb 19-recommitted to Appropriations and Revenue (H)
     Mar 1-posted in committee
     Mar 6-reported favorably, to Rules with Committee Substitute
     Mar 7-floor amendment (1) filed to Committee Substitute
     Mar 13-posted for passage in the Regular Orders of the Day for Thursday, March 14, 2002
     Mar 14-3rd reading, passed 93-1 with Committee Substitute, floor amendment (1)
     Mar 15-received in Senate
     Mar 19-to Appropriations and Revenue (S)

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