Introduced

Passed House

Passed Senate

Became law

Adjourned sine die. The bill was pending when the session ended, so it did not pass.

Last action · February 12, 2025

To Appropriations & Revenue (H)

Introduced February 6, 2025

House

Adjourned Sine Die

2025 Regular Session

HB372

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

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 from $10 million to $20 million in each fiscal year.

Loans and Credit Taxation Taxation, Income--Corporate Taxation, Income--Individual

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This bill makes two changes to Kentucky's New Markets Development Program, which offers tax credits to encourage investment in low-income communities. It would double the annual cap on available tax credits from $10 million to $20 million, and it would allow investors who reinvest repaid funds into another qualifying project within the same year to keep their tax credit eligibility without interruption. Who it may affect: businesses and investors participating in the New Markets Development Program, and low-income communities that may receive increased investment as a result.

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