Bill > HB694

This bill establishes a new nonrefundable income tax credit for qualified employers in Kentucky who hire eligible employees holding a certificate of employability, which is a document issued under KRS 196.281. The credit is calculated based on the wages paid to these eligible employees, with a maximum of 50% of wages, capped at $2,000 per employee, or $3,500 if either the employee or the employer is located in an "enhanced incentive county," which is a county certified by the Kentucky Economic Development Finance Authority. This credit is intended to incentivize hiring individuals who have obtained a certificate of employability and will be applied after other business incentive credits but before personal tax credits. The bill also amends existing law to specify the order in which this new credit is applied among other tax credits and allows the Department of Revenue to report on the usage of this credit to the Legislative Research Commission, with certain information not being considered confidential taxpayer information.

Budget and Finance

https://apps.legislature.ky.gov/record/26RS/hb694.html