Bill > HB413

This bill creates a new refundable tax credit for qualified renters in Kentucky. Specifically, the bill: 1. Establishes a refundable renter tax credit for taxable years beginning on or after January 1, 2025, but before January 1, 2029. The credit is equal to 25% of the qualified rent payments made during the taxable year, up to a maximum of $1,000. 2. Defines "qualified renter" as an individual or family with a household income at or below 133% of the federal poverty line. 3. Requires the Department of Revenue to report certain information about the tax credit to the Legislative Research Commission and the Interim Joint Committee on Appropriations and Revenue. 4. Amends existing law to add the new renter tax credit to the list of refundable credits that can be claimed against the individual income tax. 5. Amends the law governing confidentiality of taxpayer information to allow the Department of Revenue to share information about the renter tax credit with the Legislative Research Commission and the Interim Joint Committee on Appropriations and Revenue. The purpose of this bill is to provide financial assistance to low- and moderate-income renters in Kentucky by offering a tax credit to help offset the cost of rent payments.