Bill
Bill > HB485
summary
Introduced
02/07/2024
02/07/2024
In Committee
02/07/2024
02/07/2024
Crossed Over
Passed
Dead
04/15/2024
04/15/2024
Introduced Session
2024 Regular Session
Bill Summary
Amend KRS 141.433 to allow amounts received as repayment on a qualified low-income community investment and reinvested in another qualified low-income community investment during the same calendar year to be considered continuously held; amend KRS 141.434 to increase the cap on total New Markets Development Program tax credits to $20 million in each fiscal year.
AI Summary
This bill amends the New Markets Development Program tax credit in Kentucky. Specifically, it allows amounts received as repayment on a qualified low-income community investment and reinvested in another qualified low-income community investment during the same calendar year to be considered continuously held. Additionally, it increases the cap on total New Markets Development Program tax credits to $20 million in each fiscal year, up from the previous $10 million cap.
Sponsors (1)
Last Action
to Committee on Committees (H) (on 02/07/2024)
Bill Topics
Community Development and Housing Issues
- ‐ Housing and Community Development for Low and Middle Income Persons
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://apps.legislature.ky.gov/record/24RS/hb485.html | 02/07/2024 |
| BillText | https://apps.legislature.ky.gov/recorddocuments/bill/24RS/hb485/orig_bill.pdf | 02/07/2024 |
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