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 changes 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 benefits for a period of five years. The maximum amount for down payment assistance and child care reimbursement is set at $15,000, and counties must submit a resolution to the secretary of commerce to participate.

Additionally, the bill modifies the eligibility requirements for individuals seeking tax credits, allowing those who establish domicile in a rural opportunity zone after July 1, 2025, to qualify under specific conditions. The timeframe for claiming these credits has also been extended to 2031. The bill repeals previous sections of the law that are being amended and requires the secretary of commerce to report annually on the program's participation. Overall, the legislation seeks to attract and retain residents in rural areas by providing financial incentives and support.

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