The bill aims to enhance economic development in rural areas by extending the eligibility period for a loan repayment program and an income tax credit, while also introducing new benefits. Specifically, it adds down payment assistance and child care reimbursement as options for program benefits, and expands eligibility for the income tax credit. The amendments to K.S.A. 2024 Supp. 74-50,223 and 79-32,267 include provisions that allow counties designated as rural opportunity zones to participate in these programs by passing a resolution, which must be submitted to the secretary of commerce. The bill also extends the deadline for individuals to establish domicile in these zones to July 1, 2031, and allows for participation in multiple benefits, although individuals can only receive benefits from one program at a time.

Additionally, the bill outlines the specifics of the new benefits, including the maximum amounts for down payment assistance and child care reimbursement, both capped at $15,000. The state and participating counties will share the costs of these benefits equally. The income tax credit provisions have also been updated to allow individuals who establish domicile in a rural opportunity zone after July 1, 2025, to qualify under certain conditions. The bill repeals the existing sections of K.S.A. 2024 Supp. 74-50,223 and 79-32,267, thereby updating the legal framework governing these economic development initiatives.

Statutes affected:
As introduced: 79-32, 74-50
As Amended by Senate Committee: 79-32, 74-50