HB707
Log in to followAN ACT relating to regional industrial taxing districts.
Create a new section of KRS Chapter 65 to define terms; allow two or more local governments to form a regional industrial taxing district; establish requirements for an economic development project in a regional industrial taxing district; allow the district to levy a special ad valorem tax; allow local governments to impose an occupational license fee on businesses, trades, and professions performed, rendered, or conducted within a regional industrial taxing district; establish requirements for the occupational license fee and the revenues collected; require the establishment of a board as part of the interlocal agreement.
Introduced: February 19, 2025
Last action: February 26, 2025
Plain-language summary
This bill would allow two or more local governments in Kentucky to join together and create a regional industrial taxing district to support economic development projects. Within these districts, the participating governments could levy a special property tax and charge an occupational license fee on businesses and workers operating there. The money collected would be used according to rules set out in a shared agreement between the local governments involved. Who it may affect: local governments, businesses, and workers located within or near a regional industrial taxing district.
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Legislative History
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