2025 Regular Session - Day 28 - SCS on HB 775 (Concurrence), Rep. Jason Petrie

mr speaker i yield to the gentleman from todd for explanation of the senate committee substitute and motion thereon chair recognizes a gentleman from todd thank you mr speaker we have house bill 775 with the senate committee substitute uh we have seen this bill previously so i'm going to hit the highlights of the changes uh sections one and two uh remain essentially the same three four five uh regarding craft brewers and property tax pipeline changes and fixes remain the same property tax on distilled spirits remains the same with the exception of a slight technical and this is a true drafting change uh technical correction section 9 individual income tax rate reduction conditions remain as described previously with the exception of rather than going to straight tenths of a point in the reduction this would have two years worth of 25 basis points quarter considerations and then it would move to 10 basis points metropolitan college incentive remains un unchanged tourism development projects 11 through 14 remain 15 through 18 tax increment financing remains 19 through 24 has language regarding cannabis infused beverages similar to what we' had previously and there will be a floor amendment that makes it identical i believe section 25 alternative fuels policy essentially remains the same but there was additional language uh supporting development of a plan on alternative fuels 26 through 27 sales tax incentives regarding entertainment events there were some slight changes on the conditions of the events rather than being three days consecutive days it would be at least two consecutive days and rather than 100,000 in each series there would be a 60,000 minimum of attendance uh the 50% tax incentive that would go to the event will now be split 50/50 between the facility operator and the sponsoring entity language that was not included as 775 left the left the house is a selling farmer tax credit these are sections 28 through 29 there is no new credit no new tax credit is the credit that has existed for years this is to better optimize the use of that credit section 30 is an internal revenue code update you will hear irc conformity uh we have done this for years and we were able to do it again 31 through 33 those sections um update beverage license fees relative to cannabis infused beverages section 34 uh there's a new section for expansion of data center project incentives we had a project like this in 24 that was rather large and probably localized in the jefferson county area this would expand those opportunities out throughout the commonwealth essentially set by population would require how much the investment would have to be to receive the incentives sections 35 36 and 37 address kentucky horse raking racing and gaming corporation audit some limits on where offices can be located and certain game tickets can be addressed as well as allows the kentucky horse racing gaming corporation to promulgate administrative rigs with that i would ask for final passage adoption of senate committee substitute one