05RS HB447

HB447

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HB 447 (BR 1484) - R. Palumbo

     AN ACT relating to economic development.
     Create new sections of subchapter 20 of KRS Chapter 154 to establish definitions for "approved company," "approved expense," "economic development project," "equipment used in research and development," "inducements," "preference zone," and "service and technology"; grant the authority the powers to establish guidelines to approve companies; require an eligible company to certify expenses, describe its project, and provide supporting documentation as requested; require that the total tax refund available by the authority for commitment shall not exceed $20,000,000 for construction materials and $5,000,000 for research and development equipment; allow an eligible company to transfer its designation as an approved company upon approval by the authority; allow an approved company to receive a refund of sales and use taxes paid on building materials and research and development equipment; allow the Revenue Cabinet to promulgate administrative regulations; require an approved company to enter into an agreement with the authority prior to receiving inducements; state that the term of the agreement shall be not longer than eighteen months; describe the requirements of an agreement; exempt from the Kentucky Open Records Act a company's filings; require the authority to submit to the Governor and the Legislative Research Commission an annual report that details the incentives granted and company participation; make conforming changes; repeal KRS 154.45-001, 154.45-020, 154.45-030, 154.45-040, 154.45-080, 154.45-100; repeal, effective December 31, 2007, KRS 154.45-010, 154.45-050, 154.45-060, 154.45-070, 154.45-090, 154.45-110, 154.45-120.

     Feb 14-introduced in House
     Feb 15-to Economic Development (H)
     Feb 18-posted in committee


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