Bill > HB167

This bill amends Kentucky Revised Statutes (KRS) 141.019 to allow individuals to deduct theft losses on their state income taxes in the same way they can under Section 165(e) of the Internal Revenue Code, which is the federal tax law. Currently, Kentucky's tax law allows for deductions from net income, which is calculated after adjusted gross income, but it specifically excludes deductions for losses under Section 165 of the Internal Revenue Code, except for wagering losses. This bill inserts a provision to specifically allow theft losses as a deduction under Section 165(e) of the Internal Revenue Code, aligning state tax treatment with federal tax treatment for these specific types of losses.

Budget and Finance

https://apps.legislature.ky.gov/record/26RS/hb167.html