Bill to Create More Transparency & Accountability for Incentive Programs
Frankfort, KY—Representative Larry Clark (D-Louisville) has pre-filed legislation to implement more transparent reporting on Kentucky’s economic incentive programs by the two cabinets that administer them. BR 23 is similar to HB 242 that passed 100-0 in the House of Representatives during the 2013 legislative session but did not receive a vote in the Senate. Clark says the legislation was recommended in a study that was performed in 2012 following the passage of a joint resolution Clark sponsored in 2011.
“Kentucky has spent over a billion dollars in tax breaks for companies in the past ten years,” says Clark. “The taxpayers should know where that money is going and how it benefits them in terms of job creation.”
“An independent agency has recommended that Kentucky’s Economic Development and the Tourism Arts & Heritage Cabinets implement centralized reporting through their website to increase transparency and accountability for our economic incentive awards,” says Clark. “The reports would be available for the citizens of the Commonwealth to know who is receiving tax incentives and what jobs are being created as a result of the programs.”
The bill will require the Economic Development and Tourism Arts & Heritage Cabinets to collaborate to produce an annual report that would be submitted to the Legislative Research Commission and the Governor’s office each November 1st. The agencies will provide the information without incurring additional costs to their respective departments.
Clark represents the 46th District in Louisville and has served in that position since 1984 and he maintains a 100% voting record. He has served as House Speaker Pro Tem since 1993, having been re-elected to that position for the 11th time in January 2013. Clark has sponsored legislation for job creation, economic development and education, and he has been a supporter of seniors and veterans. For more information, visit www.KeepLarryClark.com.