Crowdfunding legislation moves through Senate Committee
Legislation that would simplify business investments passed the Senate Banking and Insurance Committee with a committee substitute on Tuesday morning.
The Kentucky Intrastate Crowdfunding Exemption Act, HB 76, sponsored by Rep. Steve Riggs, creates online crowdfunding investment opportunities in Kentucky. This Chamber-supported legislation proposes the creation of an online platform for Kentucky entrepreneurs that will make it easier for people to invest in business ideas that look promising. The committee amendment would clarify that investors could possibly lose their money in this type of investment. This is stated in the original House bill, but the Senate committee substitute would make this point clarified on any website. Riggs’ bill would allow people to invest up to $10,000 while helping businesses raise up to $2 million. The website Kickstarter is the most widely known effort, but states are beginning to pass crowdfunding bills to localize the approach help small businesses.
The legislation now heads to the full Senate for a vote.
Nuclear energy bill clears Senate
The Senate voted to lift Kentucky’s ban on nuclear power by passing SB 90, sponsored by Sen. Danny Carroll. Not only does SB 90 lift the nuclear moratorium, but ensures that nuclear power facilities have a plan for the storage of nuclear waste. Lifting the ban will help to establish a broad energy portfolio in the Commonwealth and foster Kentucky’s energy independence. SB 90 now heads to the House for consideration.
Apprenticeship program bill discussed in House committee
The House A&R committee heard HB 347 today that would establish a tax credit for small businesses who have an apprenticeship program. The bill was for discussion only, but would allow a $1,000 tax credit for each apprentice employed in Kentucky by a small business, which is defined as any entity that has 250 or fewer full-time employees.
The apprenticeship program must have a period of duration which is no less than two years but no more than five. The program must complete a provisionary period of 1 year with the Department of Workplace Standards, and be designated as a permanent program before the small business may claim any credit related to the apprenticeship program. The apprentice must complete the probationary period established in the apprenticeship agreement and the small business may claim the credit for no more than 4 years for each individual apprentice employed.
Early Child-Care bill passes the Senate
SB72, sponsored by Sen. David Givens, would require licensed child-care centers that provide instructional and educational programs for preschool-aged children and that operate for a maximum of 20 hours per week and which a child attends for no more than 15 hours per week, be exempted from licensure requirements.
While this bill would allow certain child-care centers to be exempted from licensure requirements, they would be required to perform background checks and TB screenings on all employees.
The legislation passed the Senate 24-13 and now heads to the House for action.