Bill > HB576

This bill establishes the Kentucky Talent Recruitment Grant Program, administered by the Cabinet for Economic Development (the "Cabinet") and overseen by the Kentucky Economic Development Finance Authority (the "Authority"). The program aims to incentivize individuals and households to relocate to Kentucky or to retain current Kentucky students by providing grants to eligible applicants, which include local governments or non-profit organizations focused on economic development. These eligible applicants must propose a talent investment initiative, such as a plan to attract people from outside the state or a strategy to keep Kentucky students in the state, and these initiatives must be approved by the Authority. Grant recipients will receive half of their award upfront and the remaining half upon demonstrating they have met at least 50% of their stated household or retention goals, with a maximum grant amount of $500,000 per applicant. Applicants are required to contribute 20% of the total project costs, which can include local investments or in-kind donations, and must report their progress semiannually, detailing metrics like recruitment targets, engagement rates, and economic impact. The program will be funded through a dedicated trust and agency account, the Kentucky Talent Recruitment Grant Program fund, which will receive appropriations from the General Assembly and other sources, with specific allocations for relocation efforts, student retention, and marketing campaigns, and any unspent funds will carry over to the next fiscal year.