Bill
Bill > HB560
KY HB560
KY HB560AN ACT relating to funding school districts that have a high percentage of tax-exempt property.
summary
Introduced
02/04/2026
02/04/2026
In Committee
02/11/2026
02/11/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
Amend KRS 45.021 to require the Finance and Administration Cabinet to contract with each local board of education of a district that has 65% or more in tax-exempt real property and that does not receive financial relief from other sources for the tax revenue lost from the tax-exempt property, to provide for recoupment to the board of at least 25% of the local board of education's lost tax revenue from the tax-exempt properties.
AI Summary
This bill amends a state law (KRS 45.021) to require the Finance and Administration Cabinet to enter into contracts with local school districts that have a significant portion of their real property exempt from property taxes. Specifically, if a school district has 65% or more of its real property tax-exempt and isn't receiving financial help from other sources to cover the lost tax revenue, the Cabinet must contract with that district's local board of education. This contract will ensure the school district receives at least 25% of the property tax revenue it lost due to these tax-exempt properties each year, helping to recoup some of the financial impact.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
to Appropriations & Revenue (H) (on 02/11/2026)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://apps.legislature.ky.gov/record/26RS/hb560.html |
| BillText | https://apps.legislature.ky.gov/recorddocuments/bill/26RS/hb560/orig_bill.pdf |
Loading...