This bill aims to enhance economic development in rural areas of Kansas by extending the eligibility period for the loan repayment program and income tax credit associated with rural opportunity zones. Key provisions include the addition of down payment assistance and child care reimbursement as new benefit options for residents, as well as expanded eligibility criteria for the income tax credit. The bill amends existing laws to allow counties designated as rural opportunity zones to participate in these programs, with a commitment to provide equal shares of funding for the benefits offered.

Specifically, the bill introduces down payment assistance for first-time homebuyers and child care reimbursement for qualifying residents, both capped at $15,000. It also extends the timeframe for individuals to establish domicile in a rural opportunity zone and claim benefits until July 1, 2031. The bill repeals previous sections of the law that are being amended and requires counties to submit resolutions to participate in these programs, ensuring that the benefits are available for a five-year period. Additionally, the Secretary of Commerce is tasked with reporting on the program's uptake annually.

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