Bill > SB28

This bill creates a new agricultural economic development program within the Kentucky Department of Agriculture to provide incentives for agricultural projects that develop supply chain infrastructure, make significant capital investments, and demonstrate positive economic impacts. The bill establishes an Agricultural Economic Development Board composed of six members, including the Commissioner of Agriculture and representatives from various agricultural sectors, who will administer a new Agricultural Economic Development Fund. The fund can provide incentives such as direct grants, forgivable loans, or low-interest revolving loans to eligible projects in agriculture, agribusiness, and alternative fuels (including sustainable aviation fuel). The board will review applications, negotiate agreements with projects, monitor their progress, and submit annual reports to the legislature. Key goals include encouraging agricultural development in Kentucky, improving citizens' quality of life, stimulating in-state agricultural production, and creating new tax revenue sources. The bill also requires coordination between the Cabinet for Economic Development and the Agricultural Commissioner when considering agricultural-related economic development projects, and makes several technical amendments to existing laws to support this new program. An emergency clause is included, indicating the urgent importance of supporting Kentucky's agricultural sector.

Agriculture and Natural Resources, Budget and Finance

https://apps.legislature.ky.gov/record/25RS/sb28.html