HB383: AN ACT relating to the Kentucky Reinvestment Act Program.

Legislative Summary

Create a new section of KRS Subchapter 34 of KRS Chapter 154 to award incentives to an eligible company that includes wage assessments in the reinvestment agreement created pursuant to the Kentucky Reinvestment Act Program; create different wage assessment calculations based on whether a project is located in an enhanced incentive county; amend KRS 141.310 to permit an employer to offset a portion of the assessment against the Kentucky income tax required to be withheld from the employee; amend KRS 141.350 to conform; amend KRS 154.34-090 to require the department to certify wage assessment fees claimed on filed tax returns; and amend KRS 154.34-110 to reference the new part of the program offering an employer tax incentives for wage assessments negotiated in reinvestment agreements.