10RS HB129

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Includes opposite chamber sponsors where requested by primary sponsors of substantially similar bills in both chambers and jointly approved by the Committee on Committees of both chambers. Opposite chamber sponsors are represented in italics.

HB 129 (BR 366) - B. Yonts, C. Embry Jr., D. Floyd, K. Hall

AN ACT relating to individual income tax.
Create a new section of KRS Chapter 141 to allow the loan forgiveness tax credit if there are insufficient funds available to the Higher Education Assistance Authority for certain loan forgiveness programs; amend KRS 141.0205 to order the credit; amend KRS 164.7531 to require certification of the credit.

HB 129 - AMENDMENTS

HCS - Propose modification of the original provisions to require the tax credit amount be limited to $30,000 taken over a 10-year period, allowing a 5-year carry forward of any unused credit; require, upon request from the eligible program participant, the Higher Education Assistance Authority to certify the amount of tax credit that may be taken; provide that the eligible program participant longer qualify for loan forgiveness if the participant receives a certification of tax credit; make conforming changes.

     (Prefiled by the sponsor(s).)

     Jan 5-introduced in House; to Appropriations & Revenue (H)
     Feb 16-reassigned to Education (H)
     Feb 19-posted in committee
     Feb 23-reported favorably, 1st reading, to Calendar with Committee Substitute
     Feb 24-2nd reading, to Rules; recommitted to Appropriations & Revenue (H)

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