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HB 606 Kentucky House · 2025 Regular Session

AN ACT relating to economic development.

Summary
Amend KRS 45.812 to require an agency, corporation, or school district that is authorized to issue a general obligation bond by an appropriation of the General Assembly, or by or on behalf of any Kentucky school district, to report the costs associated with the issuance of the bond to the Capital Projects and Bond Oversight Committee and the Interim Joint Committee on Appropriations and Revenue.
Issues: ✓ Budget & TaxesSupports Budget & TaxesMandates bond cost reporting to oversight committees, promoting fiscal transparency and accountability in budget management per fiscal responsibility indicators.85% confidence
Bill status signed all 5 stages cleared
Introduction
Feb 2025
Committee Review
Mar 2025
House Passage
Mar 2025
Senate Passage
Mar 2025
Signed into Law
Apr 2025
Introduced Feb 18, 2025 Signed Apr 2, 2025
Maddy AI version diff · 1 comparison

What changed between versions

Introduced → Current/Final · 9 edits
MAJOR
This bill was fundamentally rewritten to shift from general obligation bonds for school districts to creating a new economic development framework. The original version focused on bond disclosure requirements, while the new version establishes a mechanism for multiple local governments to collaborate on regional economic development projects through special taxing districts and occupational license fees. This represents a complete policy shift from infrastructure financing to economic development incentives.
Scope change
The bill's scope changed from school district bond oversight to regional economic development projects involving multiple local governments, with new provisions for special taxing districts and occupational license fees.
SCOPE

Removed provisions requiring disclosure of bond issuance costs for school district general obligation bonds and revenue bonds

Added new section creating framework for regional economic development projects involving 300+ contiguous acres and 500+ new jobs

Changed bill title from 'general obligation bonds' to 'economic development'

DEFINITION

Added new definitions for 'Board', 'District', 'Local government', and 'Multicounty region'

FISCAL

Added authority to create special taxing districts with ad valorem tax rate not exceeding $0.10 per $100 of assessed value

Added authority to impose occupational license fees up to 3% on businesses operating within the district

REQUIREMENT

Added requirement that regional projects must consist of 300+ contiguous acres and create 500+ new jobs

Added protection that territory within the district cannot be annexed without consent of all participating local governments

TIMELINE

Added 20-year expiration period for occupational license fees

Floor votes · House Feb 27, 2025

How they voted

This bill passed the Senate by voice vote (no roll call recorded).
Full legislative history

Actions timeline

Total actions
47
Key actions
21
Committee
21
Apr 2, 2025
Signed into law
signed by Governor (Acts Ch. 159)
lower
Mar 28, 2025
Upper · Passed
enrolled, signed by President of the Senate
upper
Mar 28, 2025
Lower · Passed
enrolled, signed by Speaker of the House
lower
Mar 28, 2025
Lower · Passed
passed 82-17
lower
Mar 28, 2025
Lower · Passed
Free Conference Committee report adopted in House
lower
Mar 28, 2025
Lower · Passed
posted for passage for consideration of Free Conference Committee Report (1)
lower
Mar 28, 2025
Committee
to Rules (H)
lower
Mar 28, 2025
Lower · Passed
passed 37-0
lower
Mar 28, 2025
Upper · Passed
Free Conference Committee report adopted in Senate
upper
Mar 28, 2025
Lower · Passed
posted for passage for consideration of Free Conference Report
lower
Mar 28, 2025
Upper · Passed
Free Conference Committee report filed in Senate
upper
Mar 27, 2025
Lower · Passed
Free Conference Committee report filed in House
lower
Mar 27, 2025
Upper · Passed
Free Conference Committee appointed in House and Senate
upper
Mar 27, 2025
Upper · Passed
Conference Committee report adopted in House and Senate
upper
Mar 27, 2025
Upper · Passed
Conference Committee report (1) filed in House and Senate
upper
Mar 27, 2025
Upper · Passed
Conference Committee appointed in House and Senate
upper
Mar 27, 2025
Lower · Passed
posted for passage for receding from Senate Committee Substitute (1) and Committee Amendment (1-title)
lower
Mar 27, 2025
Committee
to Rules (S)
upper
Mar 13, 2025
Lower · Passed
posted for passage for concurrence in Senate Committee Substitute (1) and Committee Amendment (1-title)
lower
Mar 12, 2025
Committee
to Rules (H)
lower
Mar 12, 2025
Lower · Passed
3rd reading, passed 36-0-1 with Committee Substitute (1) and Committee Amendment (1-title)
lower
Mar 12, 2025
Lower · Passed
reported favorably, to Rules with Committee Substitute (1) and Committee Amendment (1-title)
lower
Mar 4, 2025
Committee
to Appropriations & Revenue (S)
upper
Feb 28, 2025
Committee
to Committee on Committees (S)
upper
Feb 27, 2025
Lower · Passed
3rd reading, passed 95-0
lower
Feb 25, 2025
Lower · Passed
reported favorably, 1st reading, to Calendar
lower
Feb 20, 2025
Committee
to Appropriations & Revenue (H)
lower
Feb 18, 2025
Committee
to Committee on Committees (H)
lower
Feb 18, 2025
Introduced
introduced in House
lower
0 primary · 0 co-sponsors

Sponsors

No sponsor information available.