2008 House Bill 512 (Give Economic Development Finance Authority more power for corporate tax breaks)

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• Introduced by Rep. Robin L Webb on February 11, 2008, to abolish the Tax Increment Financing Commission and the Office of Tax Increment Financing and to provide for the transfer of all records to the Kentucky Economic Development Finance Authority.
  • Referred to the House Appropriations and Revenue Committee on February 12, 2008.
  • Amendment offered by Rep. Robin L Webb on February 28, 2008, to provide that projects established under prior law will be administered and interpreted in accordance with the law in effect at the time the project was approved.
  • The amendment passed in the House by voice vote on March 13, 2008.
  • Reported in the House on February 28, 2008, favorably, 1st reading, to Calendar.
  • Substitute offered in the House on February 28, 2008, to clarify that all existing TIF projects and agreements shall be transferred to KEDFA and require the Department of Revenue to obtain consent from taxpayers before transferring confidential information to KEDFA. The substitute deletes provisions that include services subject to tax under KRS Chapter 139 within the definition of retail for premier projects. The substitute deletes requirement that mixed use projects meet an additional blight condition to qualify and limits the individual income tax that can be pledged by the Commonwealth to 4% of the gross wages of each eligible worker.
  • The substitute passed in the House by voice vote on March 13, 2008.
  • Amendment offered by Rep. Dennis Keene on February 29, 2008, to allow the Kentucky Economic Development Finance Authority to act on pre-existing applications as of the date of enactment of this bills provisions.
  • Amendment offered by Rep. Robin L Webb on March 5, 2008, to amend an existing subsidy agreement if application is made by an agency not located in a consolidated local government and to reduce the minimum capital investment from $200 million to not less than $175 million.
  • Amendment offered by Rep. Dennis Keene on March 7, 2008, to provide that any outstanding applications relating to a project in a city of the 4th class on the effective date of the Act may be approved by the Kentucky Economic Development Finance Authority as it existed prior to the effective date of the Act.
  • Amendment offered by Rep. Robin L Webb on March 10, 2008, to require KEDFA to amend an existing agreement if application is made by an agency not located in a consolidated local government and to reduce the minimum capital investment from $200 million to not less than $175 million.
  • The amendment passed in the House by voice vote on March 13, 2008, to require KEDFA to amend an existing agreement entered into under the provisions of KRS 65.7041 to 65.7083 if application is made by an agency not located in a consolidated local government and to reduce the minimum capital investment from $200 million to not less than $175 million.
• Passed in the House (73 to 22) on March 13, 2008. [Vote Details and Comments]
• Received in the Senate on March 14, 2008.
  • Referred to the Senate Appropriations and Revenue Committee on March 18, 2008.
  • Reported in the Senate on April 2, 2008, favorably, 2nd reading, to Rules.
  • Substitute offered in the Senate on April 2, 2008, to provide for an income tax exemption for active duty military pay.
  • The substitute passed in the Senate by voice vote on April 15, 2008.
  • Amendment offered by Sen. Charlie Borders on April 2, 2008, to make a title amendment.
  • The amendment passed in the Senate by voice vote on April 15, 2008.
• Passed in the Senate (37 to 0) on April 15, 2008, to provide for an income tax exemption for active duty military pay. [Vote Details and Comments]
• Received in the House on April 15, 2008.
  • Referred to the House Rules Committee on April 15, 2008.

Comments

Introduced by Rep. Robin L Webb on February 11, 2008. Passed in the House (73 to 22) on March 13, 2008. New Comment