HB 630/FN (BR 2264) - J. Gooch Jr, S. Brinkman, T. Burch, J. Carr, J. Draud, D. Floyd, M. Harper, J. Higdon, T. Kerr, P. Marcotte, D. Owens, T. Riner, J. Wayne
AN ACT relating to tax credits to promote quality education in Kentucky schools.
Create a new section of KRS Chapter 141 to establish a nonrefundable education improvement tax credit program for corporations and financial institutions that contribute to education improvement organizations or scholarship organizations; define terms; establish maximum credit amounts per corporation and financial institution; establish total amount of credits available for the tax credit program per fiscal year; direct the Department of Revenue to promulgate regulations and publish lists; direct the Department of Education to publish lists; amend KRS 141.010 to exclude amounts received as scholarship grants from "adjusted gross income"; amend KRS 141.0205 to establish the order in which the nonrefundable education improvement tax credit is applied against tax imposed by KRS 141.040; create a new section of KRS 136.500 to 136.575 to also allow financial institutions a nonrefundable education improvement tax credit against the tax imposed by KRS 136.505 for contributions made to education improvement organizations or scholarship organizations; provide that the credits are effective for tax years beginning after December 31, 2006.
Feb 21-introduced in House
Feb 22-to Appropriations and Revenue (H)