Bill > HB228

This bill establishes a refundable qualified rent payment credit for eligible renters in Kentucky for taxable years beginning on or after January 1, 2027, and before January 1, 2031. A "qualified renter" is defined as an individual or family whose household income is at or below 133% of the federal poverty line, which is determined by the U.S. Office of Management and Budget. The credit will be equal to 25% of the qualified rent payments made for a rented dwelling, which includes various types of permanent residences, but it will not exceed $1,000 per taxable year. The bill also amends existing laws to specify the order in which this new credit will be applied among other tax credits and allows the Department of Revenue to report data on the credit's usage to the Legislative Research Commission, with this information being publicly accessible.

Budget and Finance

https://apps.legislature.ky.gov/record/26RS/hb228.html