HB 231 (BR 417) - M. Harmon, J. Fischer, D. Floyd
AN ACT relating to tax credits to enhance the educational opportunities for all students in Kentucky.
Create various new sections of KRS Chapter 141 to establish a nonrefundable family education tax credit program for corporations who contribute to scholarship organizations and individuals who directly pay for tuition and other educational expenses; define terms; establish maximum credit amounts; direct the Department of Revenue to promulgate regulations and publish lists; amend KRS 141.010 to exempt amounts received as scholarship grants from "adjusted gross income"; amend KRS 141.0205 to establish the order in which the nonrefundable family education tax credit is applied against tax imposed by KRS 141.020 and 141.040; apply the credit beginning with the 2006 tax year.
Jan 4-introduced in House
Jan 5-to Appropriations and Revenue (H)