summary
Introduced
01/13/2022
01/13/2022
In Committee
01/18/2022
01/18/2022
Crossed Over
Passed
Dead
04/14/2022
04/14/2022
Introduced Session
2022 Regular Session
Bill Summary
Amend KRS 141.502 to update definition of "eligible student" to increase the limit of not more than 200% of the amount of household income necessary to establish eligibility for reduced-price meals; amend KRS 141.504 to allow funds in an education opportunity account to also be used for tuition or fees to attend a prekindergarten to grade twelve nonpublic school and remove the requirements for individuals to be residents of counties of 90,000 or more to utilize the funds for nonpublic schools; amend KRS 141.510 to require a copy of the account granting organization's determination letter granting them 501(c)(3) status to be submitted with their application; amend KRS 141.512 to allow an AGO, in the first year, to allocate less than 90 percent of the total annual contributions to EOAs; amend KRS 141.522 to delete the sunset provision from the tax credit for contributions made to AGOs; increase credit cap from $25,000,000 to $50,000,000 with certain stipulations.
AI Summary
This bill makes several changes to the educational opportunity account (EOA) program in Kentucky. The key provisions are:
1. It increases the income eligibility limit for eligible students from 175% to 200% of the federal reduced-price meal threshold.
2. It allows EOA funds to be used for tuition or fees at prekindergarten to grade 12 nonpublic schools, removing the previous requirement for students to be residents of counties with a population of 90,000 or more to use funds for nonpublic schools.
3. It requires account-granting organizations (AGOs) to submit a copy of their 501(c)(3) status determination letter with their application for certification.
4. It allows AGOs in their first year of operation to allocate less than 90% of total annual contributions to EOAs.
5. It removes the sunset provision on the tax credit for contributions made to AGOs and increases the annual tax credit cap from $25 million to $50 million, with the possibility of further increases based on the utilization of the credit in the prior year.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
to Appropriations & Revenue (S) (on 01/18/2022)
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/22RS/sb50.html |
| Fiscal Note for SB50 | https://apps.legislature.ky.gov/recorddocuments/note/22RS/sb50/FN.pdf |
| BillText | https://apps.legislature.ky.gov/recorddocuments/bill/22RS/sb50/orig_bill.pdf |
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