AN ACT relating to fiscal matters and declaring an emergency.

Create a new section of Subchapter 20 of KRS Chapter 154 to establish the rural building and job creation revolving fund; specify uses of the fund to assist with compliance risk mitigation for the New Markets Tax Credits Program, or to issue low-interest loans to assist with construction of new buildings or renovations of existing buildings for lease to target wage economic development projects; require the Cabinet for Economic Development to report on the fund;…

Economic Development Effective Dates, Emergency Reports Mandated Counties Taxation Taxation, Income--Corporate Taxation, Income--Individual Wages and Hours Workforce

Introduced: March 3, 2026

Last action: April 27, 2026

(Acts Ch. 198)

In effect since April 27, 2026

This act carries an emergency clause, so it took effect as soon as it became law instead of waiting the usual 90 days after the session adjourned (Ky. Constitution § 55).

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This bill creates a revolving fund to support economic development in rural Kentucky by offering low-interest loans for new building construction or renovations tied to higher-wage jobs, and by helping projects navigate federal New Markets Tax Credits requirements. It also directs the state economic development agency to partner with community and technical colleges to promote job opportunities created through state incentive programs, and requires a study on how Kentucky's economic development efforts might work across state lines. Who it may affect: rural communities, businesses seeking development loans, workers in higher-wage industries, and students in Kentucky's career and technical college system.

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