12RS HB463
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HB463

12RS

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HB 463 (BR 1551) - T. Mills, L. Napier

     AN ACT relating to tax credits to promote quality education in Kentucky.
     Create a new section of KRS Chapter 141 to provide a nonrefundable tax credit against the tax imposed by KRS 141.020 or 141.040 and KRS 141.0401 for contributions made to the Commonwealth school improvement fund; create a new section of KRS Chapter 141 to establish a tuition assistance tax credit against the tax imposed by KRS 141.020 or 141.040 and KRS 141.0401 for contributions made to qualified tuition assistance organizations; amend KRS 141.010 to exclude any amount received as tuition assistance from the definition of "adjusted gross income"; amend KRS 141.0205 to establish the order in which the credits may be taken; create a new section of KRS 136.500 to 136.575 to allow financial institutions to take the Commonwealth school improvement tax credit and the tuition assistance tax credit against the tax imposed by KRS 136.505; make effective for tax periods beginning on or after December 31, 2012.

     Feb 24-introduced in House
     Feb 27-to Appropriations & Revenue (H)


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