| Last Action | 01/18/22: to Appropriations & Revenue (S) |
|---|---|
| Title | AN ACT relating to educational opportunity account. |
| Bill Documents | Introduced |
| Fiscal Impact Statement | Fiscal Note |
| Bill Request Number | 1227 |
| Sponsor | R. Alvarado |
| Summary of Original Version | Amend KRS 141.502 to update definition of "eligible student" to increase the limit of not more than 200% of the amount of household income necessary to establish eligibility for reduced-price meals; amend KRS 141.504 to allow funds in an education opportunity account to also be used for tuition or fees to attend a prekindergarten to grade twelve nonpublic school and remove the requirements for individuals to be residents of counties of 90,000 or more to utilize the funds for nonpublic schools; amend KRS 141.510 to require a copy of the account granting organization's determination letter granting them 501(c)(3) status to be submitted with their application; amend KRS 141.512 to allow an AGO, in the first year, to allocate less than 90 percent of the total annual contributions to EOAs; amend KRS 141.522 to delete the sunset provision from the tax credit for contributions made to AGOs; increase credit cap from $25,000,000 to $50,000,000 with certain stipulations. |
| Index Headings of Original Version |
Fiscal Note - Education opportunity account program, expansion of qualifying expenses Education, Elementary and Secondary - Education opportunity account program, inclusion of all counties Education, Finance - Education opportunity account, qualifying expenses for nonpublic school for prekindergarten-grade 12 Taxation - Education opportunity account program tax credit, cap increase Charitable Organizations and Institutions - Account granting organization, verification of 501(c)(3) status with application, requirement Children and Minors - Education opportunity account program, expansion of qualifying expenses |
| 01/13/22 |
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| 01/18/22 |
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Last updated: 2/8/2023 2:57 PM (EST)