SB 197
AN ACT providing funding and establishing conditions for state government agencies and institutions, making an appropriation therefor, and declaring an emergency.
In Plain Language
This bill creates a new system for Kentucky's business incentive program that sorts counties into four tiers based on their unemployment rates and population over the past five years. Companies that expand or relocate in these counties would receive different levels of tax credits depending on which tier their county is in. The state would review and update each county's tier every year.
Official summary
Create a new section of Subchapter 32 of KRS Chapter 154 to establish a tiered county system for eligible companies to receive incentives under the Kentucky Business Investment Program; amends KRS 154.32-010 to define "tier"; amends KRS 154.32-020 and 154.32-040 to conform; amend KRS 154.32-050 to specify tiering procedures; amend KRS 154.32-060 to require the Kentucky Economic Development Finance Authority to identify and certify or decertify the tiers for all counties on an annual basis into 4 tax credit tiers; provide that the incentives available under this subchapter be determined based on the county where the economic development project is located by an approved company; provide a county's tier will be based on a 5 year average of its unemployment rate and population ranking; amend KRS 154.32-090, 154.61-010, 154.61-020, and 141.383 to conform.
Sponsor
P. Wheeler (Republican-31)
Cosponsors
4 listed
Latest action
delivered to Secretary of State (Acts Ch. 202)
Apr 27, 2026
Official source
Action history
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