| Last Action | 01/05/21: to Committee on Committees (H) |
|---|---|
| Title | AN ACT relating to the Kentucky Affordable Housing Act. |
| Bill Documents | Introduced |
| Bill Request Number | 896 |
| Sponsors | R. Bridges, K. Banta, T. Bojanowski, J. Decker, J. Dixon, J. DuPlessis, J. Fischer, D. Hale, M. Hart, S. Heavrin, R. Huff, S. Miles, J. Miller, P. Minter, R. Palumbo, P. Pratt, J. Raymond, S. Santoro, S. Sheldon, K. Timoney, S. Westrom |
| Summary of Original Version | Create a new section of KRS Chapter 198A to establish the nonrefundable Kentucky affordable housing credit for taxable years or periods beginning on or after January 1, 2024, for a period of five years; allow the credit to be applied to the income and insurance taxes, in an amount equal to the amount of federal low-income housing tax credit; provide that the aggregate amount of tax credit for any year shall not exceed $12.5 million; create a new section of KRS Chapter 141 to allow the credit to be applied to income and limited liability entity taxes; amend KRS 141.0205 to order the income tax credit; create new sections of KRS Chapter 136 to allow the credit to be applied to insurance tax; order the insurance tax credits; amend KRS 131.190 to conform. |
| Index Headings of Original Version |
Housing, Building, and Construction - Kentucky affordable housing tax credit, creation Taxation - Kentucky affordable housing tax credit for income taxes, creation Taxation, Income--Corporate - Kentucky affordable housing tax credit, creation Taxation, Income--Individual - Kentucky affordable housing tax credit, creation Reports Mandated - Kentucky affordable housing tax credit, annual reports |
| 12/11/20 |
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| 01/05/21 |
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Last updated: 11/9/2023 2:52 PM (EST)