Kentucky 2024 Regular Session Status: In Committee 1 R cosponsors

HB 485 — AN ACT relating to the New Markets Development Program tax credit.

Last action — to Committee on Committees (H)

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2024 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there are no live odds of enactment. It would have to be reintroduced in the current session to move again.

Summary

Amend KRS 141.433 to allow amounts received as repayment on a qualified low-income community investment and reinvested in another qualified low-income community investment during the same calendar year to be considered continuously held; amend KRS 141.434 to increase the cap on total New Markets Development Program tax credits to $20 million in each fiscal year.

Bill Text

How this bill changes current law

4 changes Share ↗

Compared against the Kentucky Revised Statutes as published AI-generated reading aid — verify against the official bill.

The bill amends the process for applications for the New Markets Development Program tax credit, providing additional provisions related to tax credit recapture and compliance requirements.

  • KRS 141.433

    (6) (a) The department may recapture any portion of a tax credit allowed under this section if: ...

    The bill introduces provisions for recapturing tax credits based on specific conditions related to federal tax credit recapture, repayments, and investment levels.

  • KRS 141.433

    (6) (b) The department shall provide written notice sent via certified mail or other means deemed feasible by the department, to the qualified community development entity of any proposed recapture of tax credits pursuant to this subsection.

    The bill requires the department to notify entities of any proposed recapture of tax credits, giving them 90 days to address deficiencies.

  • KRS 141.433

    (7) The department shall through administrative regulations promulgated in accordance with KRS Chapter 13A provide rules to implement the provisions of KRS 141.432 to 141.434, and to administer the allocation of tax credits issued for qualified equity investments.

    The bill mandates the department to create administrative regulations for implementing and administering the tax credit program.

  • KRS 141.433

    (8) (a) On or after January 1, 2014, a qualified community development entity that seeks to have an equity investment or long-term debt security certified as a qualified equity investment and eligible for the tax credit permitted by KRS 141.434 shall, as part of the application, pay a refundable performance fee in an amount equal to one-half of...

    The bill requires a refundable performance fee as part of the application process for certification of equity investments.

Action History

  1. to Committee on Committees (H)

  2. introduced in House

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 137 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (137)

137 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HB 485 do?
Amend KRS 141.433 to allow amounts received as repayment on a qualified low-income community investment and reinvested in another qualified low-income community investment during the same calendar year to be considered continuously held; amend KRS 141.434 to increase the cap on total New Markets Development Program tax credits to $20 million in each fiscal year.
Who sponsors HB 485?
HB 485 is sponsored by William Lawrence (Republican).
What is the current status of HB 485?
This bill died with 2024 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HB 485?
Track HB 485 free on One Click Politics — get push/email alerts when it moves.

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Last checked for changes 2 months ago · updated continuously

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