HB 470 AN ACT relating to resources for local development

About HB-470

Create a new section of KRS Chapter 65 to define "base restaurant tax receipts," "merged governments" and " nonhighway transportation infrastructure"; grant any city, county, or merged government the right to levy a restaurant tax, subject to certain limitations; allow cities, counties, and merged governments levying a restaurant tax after the effective date to distribute at least 25 percent of revenues generated to the tourist and convention commission; specify uses; allow a consolidated local government levying the tax the option of distributing revenues to the tourist and convention commission; specify uses; make provisions for cities within a county containing a consolidated local government that has not formed its own tourist and convention commission; make provisions for cities that levied the restaurant tax prior to the effective date to distribute restaurant tax revenues; establish uses for revenue distributed to tourist and convention commissions; establish protocols for crediting when cities and counties, in counties with merged governments and without, both charge a restaurant tax; exempt restaurants subject to the tax from certain local occupational license taxes; mandate that any new tax or rate take effect at the beginning of any calendar month; amend KRS 153.460 to remove the ability of a fiscal court in counties containing cities of the first class or consolidated local government from levying a gross receipts tax on restaurants in the county; amend KRS 67.938 and 91A.390 to conform; repeal KRS 91A.400.