Create a new section of KRS Chapter 141 to establish a refundable qualified rent payment credit for taxable years beginning on or after January 1, 2027, but before January 1, 2031, in the amount of 25% of the qualified rent payments made during the taxable year, not to exceed $1,000; amend KRS 141.0205 to order the credit; amend KRS 131.190 to allow reporting by the Department of Revenue.
Create a new section of KRS Chapter 141 to establish a refundable qualified rent payment credit for taxable years beginning on or after January 1, 2027, but before January 1, 2031, in the amount of 25% of the qualified rent payments made during the taxable year, not to exceed $1,000; amend KRS 141.0205 to order the credit; amend KRS 131.190 to allow reporting by the Department of Revenue.
Create a new section to KRS Chapter 141 to provide employers a tax credit for contributions to an employee's Kentucky Educational Savings Plan Trust account or STABLE Kentucky account; amend KRS 141.0205 to specify ordering of the credit; amend KRS 131.190 to allow the Department of Revenue to report on the credit.
Create a new section of KRS Chapter 141 to establish a refundable income tax credit for certain volunteer firefighters; declare the purpose of the credit; require annual reporting to the Legislative Research Commission to evaluate the impact of the credit; amend KRS 141.0205 to provide the ordering of the credit; amend KRS 131.190 to allow confidential tax return information to be shared with the Legislative Research Commission.
Amend KRS 141.019 to establish an individual income tax exclusion for amounts contributed to a Kentucky Saves account for taxable years beginning on or after January 1, 2027, but before January 1, 2031; create a new section of KRS Chapter 141 to establish the parameters for the Kentucky Saves exclusion and to establish the Kentucky Saves tax credit; define terms; require the Department of Revenue to report annually on the exclusion and tax credit; amend KRS 141.0205 to provide ordering of the tax credit; amend KRS 131.190 to allow the Department of Revenue to report on the exclusion and tax credit.
Create a new section of KRS Chapter 141 to establish a nonrefundable credit against the tax imposed under KRS 141.020 for qualifying contributions made to a Kentucky Educational Savings Plan trust account in accordance with the guidelines in 26 U.S.C. sec. 529; for taxable years beginning on or after January 1, 2027, but before January 1, 2031; amend KRS 141.0205 to provide the ordering of the tax credit; amend KRS 131.190 to allow the department to report on the credit.
HB 28 repeals Kentucky's Education Opportunity Account Program by removing its associated tax credit (KRS 141.522) from the state's tax code. This bill eliminates the specific tax credit that allowed taxpayers to claim benefits under the Education Opportunity Account Program. The change directly affects individuals or entities that previously claimed this credit, discontinuing the program's tax incentive component. The bill focuses solely on removing this provision from existing tax credit ordering rules, with no new program or funding established.
Create a new section of KRS Chapter 141 to establish the qualified home modification credit against the tax imposed in KRS 141.020; amend KRS 141.0205 to order the credit; amend KRS 131.190 to allow the Department of Revenue to report on the credit.
Create a new section of KRS Chapter 43 to elect for the Commonwealth to participate in the qualified elementary and secondary education scholarship federal tax credit program; designate the Auditor of Public Accounts as the officer to submit the Commonwealth's election and list of scholarship granting organizations to the United States Secretary of the Treasury; require the Auditor to maintain the Commonwealth's list of scholarship granting organizations and maintain certain information on the Auditor's website; authorize the Auditor to promulgate administrative regulations necessary to establish the list; and authorize the Auditor to enter into agreements to assist with implementing the section.
Create a new section of KRS Chapter 141 to establish the accessible home credit for taxable years beginning on or after January 1, 2027, but before January 1, 2031; amend KRS 141.0205 to order the credit; amend KRS 131.190 to allow the Department of Revenue to report on the credit.
