Summary of Original Version

Create new section of KRS 139 which defines various terms relating to commercial mining of cryptocurrency using blockchain technology, provides sales and use tax exemptions on the tangible personal property directly used and the electricity used in commercial mining of cryptocurrency as of the date of approved application, provides for a four year sunset from July 1, 2021 to June 30, 2025, and requires the amount of the exemption to be reported by the Department of Revenue beginning on January 1, 2022 and every January 1 thereafter; amend KRS 160.613 to exempt electricity used or consumed in the commercial mining of cryptocurrency; amend KRS 160.6131 to define commercial mining of cryptocurrency and colocation facility; amend KRS 131.190 as a conforming change. EFFECTIVE July 1, 2021

Summary of Amendment: House Committee Substitute 1

Summary Retain original provisions; limit the sales and use tax exemption to electricity used in the commecial mining of cryptocurrency; sunset exemptions June 30, 2030; EFFECTIVE July 1, 2021.

Summary of Amendment: House Floor Amendment 1 -- S. Rudy

Summary Retain original provisions; amend the definition of "colocation facility."

Summary of Amendment: Senate Floor Amendment 1 -- B. Smith

Summary Retain original language; amend KRS 154.27-010 to define additional terms; amend KRS 154.27-020 to change the name of the program to "Incentives for Energy-related Business" and include cryptocurrency facilities with a minimum capital investment of one million dollars; and amend KRS 154.27-030, KRS 154.27-095,154.12-2035, and 353.804 to conform; EFFECTIVE July 1, 2021.

Summary of Amendment: Senate Floor Amendment 2 -- D. Givens

Summary Make title amendment.

Summary of Amendment: Senate Floor Amendment 3 -- D. Givens

Summary Retain original provisions; amend KRS 12.020 to rename an office and a commission associated with the Cabinet for Economic Development; amend various KRS Chapter and sections to conform; amend KRS 65.7047 to require the city or county to engage a qualified independent outside consultant prior to entering a local tax increment financing agreement; amend KRS 141.403 to sunset the income tax credit related to the Kentucky Industrial Revitalization Act; amend KRS 154.12-204 to coordinate the definitions related to the Bluegrass State Skills grant in aid and training tax credit with the definitions in other economic development programs; amend KRS 154.12-206 and 154.12-207 to modify the delivery of skills training and increase the tax credit thresholds awarded to approved companies; amend KRS 154.12-310 to require a statewide network of Kentucky innovation hubs; amend KRS 154.20-230 to allow the certain entities involved in other technological advances to be deemed as engaged in a qualified activity for tax credit purposes; amend KRS 154.20-232 and 154.20-234 to modify the administrative processes for the Kentucky Angel Investment Act; amend various sections in KRS Chapter 154, subchapter 20, to add and modify definitions related to the Kentucky Investment Fund Act, create a new tax credit cap, limit the tax credit to 25% of the investor's proportional ownership share, and make changes to the application and approval process; amend KRS 154.31-010 to add and modify definitions related to the sales and use tax refund related to the Kentucky Investment Act; amend various sections in KRS Chapter 154, subchapter 32, to eliminate, add, and modify definitions related to the Kentucky Business Investment Program, expand the qualifying activities, and eliminate the advance disbursement provisions; amend various sections of KRS Chapter 154, subchapter 34, to add and modify definitions related to the Kentucky Reinvestment Act, require a preliminarily approved company to complete the reinvestment project within 3 years from the date of preliminary approval, limit the amount of incentives allowed in any year to no more than 20% of the total amount of approved costs, and require the company to incur at least $1 million of eligible equipment and related costs for leased projects; amend various sections in KRS Chapter 154, subchapter 35, to add definitions related to the Kentucky Research and Development Infrastructure Fund and modify the duties of the research centers of the University of Louisville; create a new section in KRS Chapter 154, subchapter 26, to sunset the Kentucky Industrial Revitalization Act; amend various sections in KRS Chapter 164 to move the Kentucky Innovation Act and the Kentucky Enterprise Fund to the Cabinet for Economic Development, make conforming changes, increase the amount of grants awarded from the fund, and change administrative processes; transfer all moneys in the Kentucky Rural Innovation Fund and the Kentucky Commercialization Fund on July 1, 2021; amend KRS 141.396 to require the Department of Revenue to submit an annual report on the Angel Investor tax credit; repeal various sections in KRS Chapter 164.

Summary of Amendment: Senate Floor Amendment 4 -- G. Neal

Summary Make title amendment.

Summary of Amendment: Senate Floor Amendment 5 -- G. Neal

Summary Retain original language, which becomes effective July 1, 2021; create new a section in KRS Chapter 65 to define terms and require a minimum investment be pledged from private sector investors, consolidated local government, and the Commonwealth; and require incremental tax revenues be pledged to the West End Opportunity Partnership from a consolidated local government and the Commonwealth, which is effective only if 2021 Regular Session Bill Request Number 1553 becomes law; APPROPRIATION.

Summary of Amendment: Senate Floor Amendment 6 -- G. Neal

Summary Retain original language, which becomes effective July 1, 2021; create new sections of KRS Chapter 136 to establish the growth fund tax credit; amend KRS 131.190 to allow reporting of the tax credit to the Interim Joint Committee on Appropriations and Revenue; establish Subchapter 21 of KRS Chapter 154 and create new sections thereof to establish an application and approval process for investment in growth businesses by a growth fund and verification related to the new tax credit; and provide that Sections 9 to 15 of this Act may be cited as the Kentucky Rural Jobs Act of 2021.

Summary of Amendment: Senate Floor Amendment 7 -- G. Neal

Summary Make title amendment.

Statutes affected:
Introduced: 160.613, 160.6131, 131.190
Acts Chapter 122: 160.613, 160.6131, 131.190
House Committee Substitute 1: 160.613, 160.6131, 131.190
Current: 160.613, 160.6131, 131.190