HB243: AN ACT relating to review of financial incentives.

Legislative Summary

Create new sections of KRS Chapter 7A to establish the Financial Incentive Review Committee; define terms; specify committee membership, authority, powers and duties; establish requirements for meetings; establish requirements for how the General Assembly shall enact new financial incentives; require agencies to assign a unique identification number for purposes of reporting financial incentives; amend KRS 11.068 to require the annual production of a detailed estimate of the revenue loss resulting from each tax expenditure from the general fund and road fund; amend KRS 131.020 to require the Department of Revenue to collect, report, and provide data to the committee; amend KRS 131.190 to allow the Department of Revenue to provide confidential data to the committee; amend KRS 148.522 to require the Tourism, Arts and Heritage Cabinet to collect, report, and provide data to the committee; amend KRS 154.12-210 to require the Cabinet for Economic Development to collect, report, coordinate, and provide data to the committee; amend KRS 246.030 to require the Department of Agriculture to collect, report, coordinate, and provide data to the committee.