HB 66 (BR 116) - B. Montell
AN ACT relating to the Great Schools Tax Credit Program.
Create a new section of KRS Chapter 141 to establish a Great Schools Tax Credit Program; provide a nonrefundable credit against the income tax imposed under KRS 141.020 or 141.040, and the limited liability entity tax imposed under KRS 141.0401, for contributions made to a scholarship organization that is organized solely for the purpose of receiving and distributing cash contributions to provide educational scholarships to eligible students at qualified schools; amend KRS 141.010 to exclude from the definition of "adjusted gross income" the amount received by an eligible student or by an individual on behalf of an eligible student as an educational scholarship under the program; amend KRS 141.0205 to provide the order in which the credit may be claimed.
(Prefiled by the sponsor(s).)
Jan 3-introduced in House; to Appropriations & Revenue (H)