Bill > SB255

This bill establishes the Rural Kentucky Revitalization Opportunity Partnership, a board tasked with promoting economic growth and improving the quality of life in designated rural areas of Kentucky, which are defined by specific U.S. Department of Agriculture economic designations. The partnership will work to address issues such as low per capita income, high poverty rates, and declining industries like agriculture and coal mining by encouraging investment and creating new opportunities. To fund these initiatives, the bill allows for the capture of "incremental revenues," which are the increases in local and state tax revenues generated within designated "project development areas" over a baseline amount, and pledges 85% of these incremental revenues to the partnership for twenty years. Furthermore, the bill introduces a refundable income tax credit for owners of residential property in these project development areas, equal to the amount by which their property taxes exceed the amount assessed on January 1, 2026, to help offset property tax burdens and encourage continued homeownership. The Department of Revenue will be involved in reporting and managing tax-related aspects of the program, including the new tax credit.

https://apps.legislature.ky.gov/record/26RS/sb255.html