2025 Regular Session - Day 25 - HB 775, Rep. Jason Nemes and Rep. Jason Petrie

would build on kuy's commitment to economic expansion and modernizing outdated policies and ensuring that local governments have the tools they need to compete for investment and improve public infrastructure if I might Mr Speaker I'd like to yield to the gentleman from Todd uh for explanation of the particular Provisions that were in the committee substitute gentleman from Todd thank you Mr Speaker sanctions one and two of the committee sub relate to tax increment financing and deal with um TF that may already exist which have unutilized portions and will allow that to be optimized section three is a request by industry to allow craft Brewers to file electronic returns and payments sections 45 28 and 29 continuation of a pipeline tax issue that started back with the marathon court case a year or two ago that we attempted to address last session this clears this up each of the issues that I've I've refer so far have no impact in current fiscal year and would have no impact except in outside by anym years if any section 6 and 8 deal with property tax distilled Spirits relative to Bourbon Barrel tax and some reference clarifications for the purposes of Dr Do's Department of revenues uh Administration as well as just reference of definitions section N9 is an individual income tax rate reduction condition change and it would allow the same conditions for the reduction of that rate to persist with reserve and twice the amount of reduction in current year actual revenues versus actual expenses but it would allow us to consider reductions of less than 0.5.1 Point 2. 3 point4 and5 section 10 10 deals with Metropolitan College incentive extends that for another 10 years as a Workforce training program in Louisville sanctions 11 through 14 or tourism development um essentially two different types of projects that are being envisioned with significant Investments allow sales tax rebate for an extended period of time up to 50% of the projects under certain conditions sections 15 through 18 are tax increment financing um allowing projects that may have started in 2007 or8 but did not come to fruition or allowed to uh restart section 19 through 24 deal with cannabis infused beverages require uh registration and require a tax uh the two normal excise taxes in the wholesale sector as well as the normal doesn't speak to it but there would be the normal retailx tax on that also 25 alternative fuels policy has an aspirational statement of what things may be good in our future in Kentucky regarding alternative fuels and that we will attempt to best efforts develop a program that fits this state and then sections 26 through 27 deal with entertainment events and encouraging the continuation of major events in this state that have a lot of local income tax come in um not income other taxes local and state have to be more than 3 days in duration significant attendance of 100,000 or more without a state attendance those are the essentials of the bill I would yield back a gentleman from Jefferson 33 gent from Jefferson 33 thank you Mr Speaker I move passage of House Bill 775 as amended by house committee substitute one