FRANKFORT, Ky. (7/14/13) - Secretary of State Alison Lundergan Grimes, the Commonwealth’s Chief Business Officer, reminds Kentuckians of several important changes in Kentucky’s business statutes. New business entity laws she championed and that were adopted by the General Assembly during the 2013 Regular Session went into effect on June 25, 2013.
House Bill 141 creates a tax incentive for farms that donate to food banks, encouraging generosity and helping Kentuckians in need. “As a member of the Board at God’s Pantry Food Bank, I know firsthand that this new law will make a difference in the lives of hundreds of thousands of Kentuckians,” said Grimes. The provisions of HB 141 were included with Grimes’ military voting bill, Senate Bill 1, and are now codified in Chapter 141 of the Kentucky Revised Statutes.
To promote efficiency, House Bill 343, codified in KRS Chapter 14, creates a uniform business identification number for use across state agencies, streamlining the way entities interact with government. The system will also facilitate data sharing among agencies and expansion of the Secretary of State’s One-Stop Business Portal.
Senate Bill 69 clarifies existing business entity laws to achieve greater consistency and efficiency.
“I am proud that, by working together with members of the General Assembly, we enacted legislation that will increase efficiency and effectiveness for Kentucky businesses,” said Grimes, the state’s Chief Business Official. “The laws enacted this year help give the green light to the small businesses that keep Kentucky growing.”
Information provided by Secretary of State
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