Bill
Bill > HB760
KY HB760
KY HB760AN ACT relating to the certified rehabilitation credit and declaring an emergency.
summary
Introduced
02/26/2026
02/26/2026
In Committee
03/05/2026
03/05/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
Amend KRS 171.396 to define and redefine certain terms; allow the certified rehabilitation credit cap to be allocated as 15% for owner-occupied residential property and 85% for property other than owner-occupied residential property, including workforce housing; require that projects approved as workforce housing maintain affordability for individuals earning 80% of the county level area median income or less; amend KRS 171.397 to state that the provisions established in this statute pertain to applications received before April 30, 2026; create a new section of KRS Chapter 171 to apply to applications received after April 30, 2026 with certain changes; current credit program cap of $100 million is maintained; with a split of $50 million into 2 separate credit allocation application rounds; expand the credit to apply to certain taxes imposed in KRS Chapter 136; require the Kentucky Heritage Council to work with the Kentucky Housing Corporation to ensure the workforce housing property maintains area median income affordability requirements for 5 years within completion of the certified rehabilitation; create a new section of KRS Chapter 198A to require the corporation to work with the Kentucky Heritage Council for these purposes; amend KRS 141.0205; 141.382; and 171.3961 to make conforming changes.
AI Summary
This bill modifies the certified rehabilitation credit program in Kentucky, which provides tax credits for the substantial rehabilitation of historic structures. Key changes include redefining "workforce housing" as properties affordable to individuals earning 80% or less of the county's area median income and requiring this affordability to be maintained for five years. The bill also adjusts the allocation of the overall credit cap, dedicating 15% to owner-occupied residential properties and 85% to other properties, including workforce housing, for applications received after April 30, 2026. The total annual credit cap of $100 million is maintained, but it will be split into two application rounds per year, each with a $50 million allocation, to potentially speed up the approval process. Additionally, the credit is expanded to apply to certain taxes imposed under KRS Chapter 136, and conforming changes are made to related statutes. The Kentucky Heritage Council will collaborate with the Kentucky Housing Corporation to ensure workforce housing properties meet affordability requirements.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
to Appropriations & Revenue (H) (on 03/05/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://apps.legislature.ky.gov/record/26RS/hb760.html |
| BillText | https://apps.legislature.ky.gov/recorddocuments/bill/26RS/hb760/orig_bill.pdf |
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