Bill > HB343

This bill establishes a new tax credit for Kentucky employers who contribute to their employees' Kentucky Educational Savings Plan Trust accounts or STABLE Kentucky accounts, which are designed for saving for qualified educational or disability-related expenses. The credit, available for taxable years beginning on or after January 1, 2027, will be nonrefundable and nontransferable, and can be carried forward for up to five years if unused. The credit will equal 20% of the employer's contribution per employee, with a maximum of $500 per employee annually. The bill also amends existing law to specify that this new credit will be applied after most other business incentive credits but before personal tax credits, and it allows the Department of Revenue to report on the usage of this credit to the Legislative Research Commission without violating taxpayer confidentiality.