Kentucky Bill Would Provide Tax Credits for Certain Investments in OZs

Friday, February 15, 2019 - 10:45am

Kentucky state Rep. John Blanton this week introduced the Kentucky Rural Jobs Act, which is modeled after the federal New Markets Tax Credit program and complementary to the federal opportunity zones incentive. HB203 would provide tax credits for investments in rural counties and federal opportunity zones across Kentucky, with an annual cap of $35 million. The legislation would require 75 percent of investments to go to small businesses in counties with populations of 50,000 or less. State-approved growth funds would require a minimum of $100 million to be invested in targeted areas during the first two years, with the remaining funds invested over the rest of the program’s life.