AN ACT relating to tax credits to promote quality education in Kentucky schools.
     Create a new section of KRS Chapter 141 to establish a nonrefundable education improvement tax credit program for corporations and financial institutions that contribute to education improvement organizations or scholarship organizations; define terms; establish maximum credit amounts per corporation and financial institution; establish total amount of credits available for the tax credit program per fiscal year; direct the Department of Revenue to promulgate regulations and publish lists; direct the Department of Education to publish lists; amend KRS 141.010 to exclude amounts received as scholarship grants from "adjusted gross income"; amend KRS 141.0205 to establish the order in which the nonrefundable education improvement tax credit is applied against tax imposed by KRS 141.040; create a new section of KRS 136.500 to 136.575 to also allow financial institutions a nonrefundable education improvement tax credit against the tax imposed by KRS 136.505 for contributions made to education improvement organizations or scholarship organizations; provide that the credits are effective for tax years beginning after December 31, 2006.

     Feb 21-introduced in House
     Feb 22-to Appropriations and Revenue (H)