Bill > HB426

This bill establishes a refundable tax credit for qualified renters in Kentucky for taxable years beginning on or after January 1, 2027, and before January 1, 2031, allowing them to claim 25% of their qualified rent payments, up to a maximum of $1,000 per year. 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 family size and based on U.S. Office of Management and Budget guidelines. "Qualified rent payments" include money paid for a primary residence in Kentucky, excluding advance rent or security deposits. The bill also amends existing law to specify that this new rent payment credit will be applied after other nonrefundable tax credits but before certain other refundable credits, and it requires the Department of Revenue to report annually on the usage of these credits to the Legislative Research Commission, with this information being publicly accessible.

Budget and Finance

https://apps.legislature.ky.gov/record/26RS/hb426.html