summary
Introduced
02/21/2023
02/21/2023
In Committee
02/28/2023
02/28/2023
Crossed Over
Passed
Dead
03/30/2023
03/30/2023
Introduced Session
2023 Regular Session
Bill Summary
Create a new section of KRS Chapter 141 to establish a refundable renter tax credit for taxable years beginning on or after January 1, 2024, but before January 1, 2028, in the amount of 25 percent of the qualified rent payments made during the taxable year, not to exceed $1,000; amend KRS 141.0205 to order the tax credit; amend KRS 131.190 to allow reporting by the Department of Revenue.
AI Summary
This bill creates a new refundable tax credit for qualified renters in Kentucky. The credit is equal to 25% of qualified rent payments, up to $1,000 per year, for taxable years beginning on or after January 1, 2024, but before January 1, 2028. A qualified renter is an individual or family with a household income at or below 133% of the federal poverty line. The bill also requires the Department of Revenue to provide annual reports on the usage and impact of the credit. Additionally, the bill amends existing law to order the renter tax credit within the priority of tax credits and allows the Department of Revenue to provide certain information related to the renter tax credit.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
to Appropriations & Revenue (H) (on 02/28/2023)
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/23RS/hb413.html |
| BillText | https://apps.legislature.ky.gov/recorddocuments/bill/23RS/hb413/orig_bill.pdf |
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