| Last Action | to Appropriations & Revenue (H) |
|---|---|
| Title | AN ACT relating to tax credits to promote quality education in Kentucky. |
| Bill Documents |
Bill
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| Bill Request Number | 1551 |
| Sponsors | T. Mills, L. Napier |
| Summary of Original Version | Create a new section of KRS Chapter 141 to provide a nonrefundable tax credit against the tax imposed by KRS 141.020 or 141.040 and KRS 141.0401 for contributions made to the Commonwealth school improvement fund; create a new section of KRS Chapter 141 to establish a tuition assistance tax credit against the tax imposed by KRS 141.020 or 141.040 and KRS 141.0401 for contributions made to qualified tuition assistance organizations; amend KRS 141.010 to exclude any amount received as tuition assistance from the definition of "adjusted gross income"; amend KRS 141.0205 to establish the order in which the credits may be taken; create a new section of KRS 136.500 to 136.575 to allow financial institutions to take the Commonwealth school improvement tax credit and the tuition assistance tax credit against the tax imposed by KRS 136.505; make effective for tax periods beginning on or after December 31, 2012. |
| Index Headings of Original Version |
Taxation - Bank franchise and financial institutions tax, Commonwealth school improvement tax credit Taxation - Bank franchise and financial institutions, tuition assistance tax credit Taxation - Commonwealth school improvement tax credit, tax periods beginning on or after December 31, 2012 Taxation - Tuition assistance tax credit, tax periods beginning on or after December 31, 2012 Taxation, Income--Corporate - Commonwealth school improvement tax credit, tax periods beginning on or after December 31, 2012 Taxation, Income--Individual - Tuition assistance tax credit, for tax periods beginning on or after December 31, 2012 Education, Finance - Commonwealth school improvement fund, contributions |
| 02/24/12 |
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| 02/27/12 |
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Last updated: 8/27/2019 8:05 PM (EDT)