Page 1 of 1 LRC 2024-BR1581-HB524
COMMONWEALTH OF KENTUCKY FISCAL NOTE STATEMENT
LEGISLATIVE RESEARCH COMMISSION
2024 REGULAR SESSION
MEASURE
2024 BR NUMBER 1581 HOUSE BILL NUMBER 524
TITLE AN ACT relating to the establishment of a grant program to promote investments in Kentucky
businesses, making an appropriation therefor, and declaring an emergency.
SPONSOR Representative John Blanton
FISCAL SUMMARY
STATE FISCAL IMPACT: YES NO UNCERTAIN
OTHER FISCAL STATEMENT(S) THAT MAY APPLY: ACTUARIAL ANALYSIS
LOCAL MANDATE CORRECTIONS IMPACT HEALTH BENEFIT MANDATE
APPROPRIATION UNIT(S) IMPACTED: Cabinet for Economic Development
FUND(S) IMPACTED: GENERAL ROAD FEDERAL RESTRICTED Rural Jobs
Development Fund
FISCAL
ESTIMATES
2023-2024 2024-2025 2025-2026 ANNUAL IMPACT
AT FULL
IMPLEMENTATION
REVENUES Indeterminable Indeterminable
EXPENDITURES General Fund
$50.4 million
General Fund
$440,000
General Fund
$440,000
NET EFFECT General Fund
($50.4 million)
General Fund
($440,000)
General Fund
($440,000)
( ) indicates a decrease/negative
PURPOSE OF MEASURE: The purpose of this measure is to establish the Kentucky Rural
Jobs Act of 2024; require the Cabinet for Economic Development (CED) to accept applications
from entities seeking approval as a growth fund; require no more than $50 million in grant funds
be awarded as state matching capital for investments in growth businesses; and establish the
Rural Jobs Development Fund that includes a $50 million appropriation.
FISCAL EXPLANATION : The provisions of this legislation establish the operational
requirements for the Kentucky Rural Jobs Act of 2024 within the CED, and establish the Rural
Jobs Development Fund that appropriates $50 million in fiscal year 2025 for the state matching
capital. In addition to the appropriation, the CED will need $440,000 annually to hire three
additional staff positions for administrative oversight and additional operations costs.
Entities seeking approval as a growth fund are required to pay an application fee of $5,000. The
application fees will be used by CED to offset administrative costs.
DATA SOURCE(S): Cabinet for Economic Development; LRC Staff
PREPARER: Kevin Newton; Sarah Watts NOTE NUMBER: 73 REVIEW: JB DATE: 2/26/2024