Kentucky legislation · 2026 Regular Session
Kentucky HB708: AN ACT relating to economic development.
Status: In committee, March 3, 2026
Create a new section of Subchapter 32 of KRS Chapter 154 to establish a tiered county system for eligible companies to receive incentives under the Kentucky Business Investment Program; amends KRS 154.32-010 to define "tier"; amends KRS 154.32-020 and 154.32-040 to conform; amend KRS 154.32-050 to specify tiering procedures; amend KRS 154.32-060 to require the Kentucky Economic Development Finance Authority to identify and certify or decertify the tiers for all counties on an annual basis into 4 tax credit tiers; provide that the incentives available under this subchapter be determined based on the county where the economic development project is located by an approved company; provide a county's tier will be based on a 5 year average of its unemployment rate and population ranking; amend KRS 154.32-090, 154.61-010, 154.61-020, and 141.383 to conform.
What the bill says
An act relating to economic development.
From the introduced text:
AN ACT relating to economic development. Be it enacted by the General Assembly of the Commonwealth of Kentucky: SECTION 1. A NEW SECTION OF SUBCHAPTER 32 OF KRS CHAPTER 154 IS CREATED TO READ AS FOLLOWS: (1) The authority is hereby authorized to negotiate and execute a tax incentive agreement pursuant to this subchapter based on the tiering system provided in Section 5 of this Act. Project tax credit amounts may be: (a) Two thousand five hundred dollars ($2,500) per new job created in Tier I counties; (b) Five thousand dollars ($5,000) per new job created in Tier II counties; (c) Ten thousand dollars ($10,000) per new job created in Tier III counties; and (d) Twenty thousand dollars ($20,000) per new job created in Tier IV counties. (2) If an eligible company establishes or expands its headquarters in Kentucky and creates at least forty (40) new jobs, the eligible company may receive a tax credit equal to twenty percent (20%) of the value of the facility dedicated to the headquarters operations for up to ten (10) years. (3) Eligible companies may choose the taxable year to claim the tax credit negotiated under this subchapter. The credit shall not be claimed on a return filed for a previous taxable year. (4) (a) The tax incentive agreement established pursuant to this subchapter …
Sponsors
- Aaron Thompson (R, HD-098) · primary sponsor
- John Blanton (R, HD-092)
Latest actions
- : to Economic Development & Workforce Investment (H)
- : adopted by voice vote
- : to Committee on Committees (H)
- : introduced in House
Subjects: State Agencies, Small Business, Taxation, Economic Development, Taxation, Income--Corporate, Local Government
Common questions
- What is HB708?
- HB708 is a bill in the Kentucky Legislature (2026 Regular Session): AN ACT relating to economic development.
- What does HB708 do?
- In its own words: An act relating to economic development.
- What is the status of HB708?
- In committee as of March 3, 2026. Latest action: to Economic Development & Workforce Investment (H) (March 3, 2026).
- Who sponsored HB708?
- Aaron Thompson (R, HD-098), with 1 co-sponsor.
- Where is the official record for HB708?
- On the Kentucky Legislature website: https://apps.legislature.ky.gov/record/26rs/hb708.html
Source: official Kentucky record. Tracked by Delilah, AI for legislation across all 50 states and Congress.