Bill > HB606

This bill creates a new legal framework for multicounty regional economic development projects, allowing two or more local governments from different counties to collaborate on large-scale economic development initiatives. The bill permits these governments to form a special taxing district through an interlocal agreement for projects that must cover at least 300 contiguous acres and create a minimum of 500 new jobs. The district can levy a special ad valorem tax up to 10 cents per $100 of property value and can also impose an occupational license fee up to 3% on salaries, wages, and business profits within the district. A board of trustees will be established to manage the district, with representatives from each participating local government. The board must provide an annual report to the Department for Local Government detailing the project's progress, including job creation, tax revenues, and expenditures. The department will then compile this information and report to the Interim Joint Committee on Appropriations and Revenue by October 1 each year. This legislation aims to facilitate regional economic development by providing local governments with flexible financing and collaboration tools to attract large-scale economic projects.

Budget and Finance

https://apps.legislature.ky.gov/record/25RS/hb606.html