HB 129 (BR 366) - B. Yonts, C. Embry Jr., D. Floyd, K. Hall
AN ACT relating to individual income tax.
Create a new section of KRS Chapter 141 to allow the loan forgiveness tax credit if there are insufficient funds available to the Higher Education Assistance Authority for certain loan forgiveness programs; amend KRS 141.0205 to order the credit; amend KRS 164.7531 to require certification of the credit.
HB 129 - AMENDMENTS
HCS - Propose modification of the original provisions to require the tax credit amount be limited to $30,000 taken over a 10-year period, allowing a 5-year carry forward of any unused credit; require, upon request from the eligible program participant, the Higher Education Assistance Authority to certify the amount of tax credit that may be taken; provide that the eligible program participant longer qualify for loan forgiveness if the participant receives a certification of tax credit; make conforming changes.
(Prefiled by the sponsor(s).)
Jan 5-introduced in House; to Appropriations & Revenue (H)
Feb 16-reassigned to Education (H)
Feb 19-posted in committee
Feb 23-reported favorably, 1st reading, to Calendar with Committee Substitute
Feb 24-2nd reading, to Rules; recommitted to Appropriations & Revenue (H)