AN ACT relating to economic development.

Amend KRS 11.200 and 12.020 to rename the Office of Entrepreneurship and Small Business Innovation to the Office of Entrepreneurship and Innovation within the Cabinet for Economic Development; amend KRS 12.020 to rename the Department for Business Development to the Department for Business and Community Development, the Incentive Administration Division to the Program Administration Division, the Office of Marketing and Public Affairs to the Office of Strategy and Public Affairs, the Communications Division to the Marketing and Communications Division, the Graphic Design Division to the Research and Strategy Division, and eliminate the Office of Workforce, Community Development and Research; amend KRS 12.020 to create the Development and Retention Division - West Kentucky, the Development, Retention, and Administrative Division - Central and East Kentucky, and Community and Workforce Development Division within the Department for Business and Community Development; amend KRS 154.12-2035, 154.20-230, 154.12-277, 154.12-278, 154.12-310, 154.60-010, 154.60-020, 164.6017, 164.6021 and 164.6023 to reflect the new name of the Office of Entrepreneurship and Innovation; amend KRS 154.12-204 to include companies engaged in hydrogen transmission as qualified companies in the Bluegrass State Skills Corporation Grant-in-Aid and Skills Training Investment Credit programs; amend KRS 154.12-207 to increase the application limit from $200,000 to $500,000; amend KRS 154.12-223 to reorganize the Department for Business and Community Development; amend KRS 154.12-224 to reorganize the Department for Financial Services within the Cabinet for Economic Development; amend KRS 154.12-275 to reorganize the Office of Strategy and Public Affairs within the Cabinet for Economic Development; amend KRS 154.20-190 to change reporting deadline to November 1; amend KRS 154.20-583, 154.20-586, and 154.20-589 to modify the Western Kentucky Risk Assistance Fund to specify that eligible companies may apply for other programs administered by the Cabinet for Economic Development, to change the cap on the amount of loan loss payments to $100,000,000 that is proportionally reduced as the loss payments are disbursed, and to provide for a 1% administrative fee; amend KRS 154.25-040 to address recent changes in the income tax statutes; amend KRS 154.31-010 to include companies engaged in hydrogen transmission as eligible companies in the Kentucky Enterprise Initiative Act and to add a definition for "tourism attraction"; amend KRS 154.32-010 and 154.32-020 to include companies engaged in hydrogen transmission as eligible companies in the Kentucky Business Initiative program; amend KRS 154.32-050 to allow disaster relief areas declared by state or federal agencies on or after December 1, 2022, to be included in the enhanced county classification; amend KRS 154.32-090 to change the wage assessment calculation under the Kentucky Business Initiative program to address recent changes in the income tax statutes; amend KRS 154.34-010 to include companies engaged in hydrogen transmission as eligible companies in the Kentucky Reinvestment Act; amend KRS 154.61-010 to include the definitions of "cabinet" and "loan-out entity" and to expand the definition of "employee"; amend KRS 154.61-020 and 154.61-030 to revise the duties and responsibilities of the Cabinet for Economic Development and the approved companies under the Kentucky Entertainment Initiative program; amend KRS 141.310, 141.350, and 141.383 to conform; repeal KRS 141.401, 154.12-276, 154.23-005, 154.23-010, 154.23-015, 154.23-020, 154.23-025, 154.23-030, 154.23-035, 154.23-040, 154.23-045, 154.23-050, 154.23-055, 154.23-060, 154.23-065, 154.23-070, 154.23-075, 154.23-079, 154.23-080, 154.47-040, 154.47-065, 154.80-140, and 154.80-310; amend KRS 141.0205, 154.20-170, 154.47-005 and 174.205 to conform.