AN ACT relating to economic development.

2026 Regular Session Introduced by Phillip Wheeler

SB 355 aims to boost Kentucky's economy by expanding incentives, funding, and programs to attract and retain investment, create jobs, and support infrastructure and workforce devel

to Committee on Committees (S)

#economicdevelopment #technicalcorrections

Summary of SB 355 (2026RS) — Kentucky

Purpose and intent

SB 355 is an act related to economic development. While the specific statutory text is not provided here, bills with this framing typically aim to promote business growth, job creation, investment, or regional development within Kentucky. The bill has been introduced in the Kentucky Senate and referred to the Committee on Committees for initial consideration (March 2, 2026).

Key provisions and changes (as typically encompassed by economic development bills)

Note: The exact provisions may vary if the bill’s text differs. Based on the title and common structure of similar measures, potential areas of focus may include:
- Establishment or expansion of economic development programs or incentives designed to attract or retain businesses.
- Creation or modification of tax credits, exemptions, grants, loans, or loan guarantees for companies investing in Kentucky or creating jobs.
- Allocation of funding for development projects, workforce training, infrastructure improvements (e.g., broadband, logistics, industrial parks), or rural economic development.
- Streamlining permitting or regulatory processes to enhance business investment and reduce compliance burdens.
- Provisions addressing accountability, reporting, and evaluation of funded programs to ensure the effective use of public resources.
- Coordination with state agencies, local governments, and economic development authorities to implement programs.

Who would be affected

Businesses and developers considering investment in Kentucky, especially those planning expansion, modernization, or relocation.

Existing Kentucky employers seeking tax incentives, workforce development support, or infrastructure assistance.

Local governments and economic development authorities involved in project deployment and grant administration.

State agencies responsible for economic development, tax administration, and infrastructure programs.

Kentucky workers who could benefit from new jobs and training opportunities created or supported by the bill.

Procedural and timeline aspects

Initiation: Introduced in the Kentucky Senate on March 2, 2026.

Referral: Sent to the Committee on Committees (S) for initial screening and potential referral to a subject-specific committee for hearings and markup.

Next steps (typical): If advanced, the bill would proceed to relevant Senate committees for hearings, potential amendments, and votes; later, a floor vote in the Senate, and, if passed, consideration by the Kentucky House of Representatives, followed by reconciliation if needed, and final enactment by the governor.

Effective date: Any fiscal or effective-date provisions would be specified in the bill text (often July 1 or a similar start date for new programs, with possible phased implementations).

Fiscal and administrative considerations

Funding sources and totals (e.g., state general fund appropriations, dedicated funds, or bond authorizations) would be specified in the bill.

Sunset or renewal provisions may apply to programs or incentives.

Reporting and oversight requirements could be included to track performance, return on investment, and compliance.

If the text of SB 355 becomes available, I can provide a more precise, line-by-line synthesis and a section-by-section breakdown of the bill’s provisions, fiscal impact, and statutory changes.