Bill > HB515

This bill makes a technical correction to Kentucky Revised Statute (KRS) 141.068, which deals with tax credits related to investments. Specifically, it removes the words "of Revenue" from the text, clarifying that the department responsible for administering these tax credits will promulgate administrative regulations under KRS Chapter 13A. This statute outlines the definitions and procedures for various entities, such as individuals, corporations, pass-through entities, and trusts, to claim tax credits certified by the Kentucky Economic Development Finance Authority (Authority) under KRS 154.20-258, which are intended to encourage investment in small businesses. The bill's primary purpose is to refine the existing language without altering the substance of the tax credit provisions or the reporting requirements for the department and the Cabinet for Economic Development.