summary
Introduced
02/05/2019
02/05/2019
In Committee
02/08/2019
02/08/2019
Crossed Over
Passed
Dead
03/28/2019
03/28/2019
Introduced Session
2019 Regular Session
Bill Summary
Create a new section of KRS Chapter 141 to establish a separate income tax credit for tuition assistance based on contributions made to a qualified scholarship-granting organization; create a new section of KRS Chapter 141 to provide goals and reporting of metrics related to those goals; 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 tax credit against the tax imposed by KRS 136.505; create a new section of KRS 136.500 to 136.575 to order all tax credits; create a new section of KRS Chapter 136 to require the Kentucky Department of Education to publish a list of certified nonpublic schools and nonpublic schools seeking certification; require the Department of Revenue to report information to the Legislative Research Commission; amend KRS 131.190 to conform.
AI Summary
This bill creates a new tax credit for contributions made to qualified scholarship-granting organizations that provide financial assistance to students from low- and middle-income families, students in the Commonwealth's foster care program, and students with special needs to attend qualified nonpublic schools or receive qualified special educational services. The bill establishes an annual tax credit cap that increases annually if at least 90% of the cap is used, and it outlines the eligibility criteria for students and scholarship programs. The bill also requires the Department of Revenue to report certain information to the Legislative Research Commission annually. Overall, the purpose of the bill is to provide more educational choices and access for students from low-income families and students with special needs in the Commonwealth.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
to Appropriations & Revenue (S) (on 02/08/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://apps.legislature.ky.gov/record/19RS/sb118.html |
| Fiscal Note for SB118 | https://apps.legislature.ky.gov/recorddocuments/note/19RS/sb118/FN.pdf |
| BillText | https://apps.legislature.ky.gov/recorddocuments/bill/19RS/sb118/orig_bill.pdf |
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