Tagged: 2013 General Assembly

The Kentucky House budget committee has advanced a bill designed to provide extra revenues for the state's underfunded pension systems.

House Bill 416 would use revenues from the expansion of Instant Racing if the state Supreme Court upholds the legality of the game. It will also use expanded lottery sales and the proceeds from a new Keno game.

House Speaker Greg Stumbo says the bill does not ask lawmakers to legalize Instant Racing.

"We're simply saying if it is upheld, here is a fund that captures this money that's used to pay off this unfunded liability in our pension fund. So we're not asking you to vote to expand gaming," said Stumbo.

The founder and CEO of a hemp foods company will appear Wednesday morning in Frankfort to speak on behalf of an industrial hemp bill. The measure—which has passed the Kentucky Senate—would set up a regulatory framework should federal laws criminalizing hemp be changed.

The House Agriculture and Small Business Committee will hear from Agriculture Commissioner James Comer and John Roulac, CEO of Nutiva, the fastest growing hemp foods company in the U.S.

Despite Republican support for the hemp bill, there appears to be too much Democratic opposition to the measure for it to pass this legislative session. Both Governor Steve Beshear and House Speaker Greg Stumbo have said they are siding with Kentucky law enforcement groups that say legalizing hemp will make it too difficult to distinguish between the crop and marijuana.

The state pension system would not transition to a hybrid 401K-style plan in an amended version of the pension reform bill.

The amended bill also only allows plans to set up a new 11-person committee to provide direct oversight over the pension systems.

And cost of living adjustments are no longer banned under the bill, but can only be allowed if there is a surplus in the retirement systems or if lawmakers prepay for the expense.

The House State Government Committee passed the amended Senate Bill 2 on Tuesday on a party line vote. Many Republican members passing on their votes.