24RS HB 314

Actions

Last Action	01/19/24: to Committee on Committees (H)
Title	AN ACT relating to the community restoration incentive program.
Bill Documents	Introduced
Bill Request Number	1665
Sponsor	W. Lawrence
Summary of Original Version	Create a new section of KRS Chapter 141 to establish the community restoration tax credit for taxable years beginning on or after January 1, 2025, but before January 1, 2029, for financial institutions making loans to a community development financial institution; establish the annual credit cap at $20 million; require the Department of Revenue to report tax credit data to the Legislative Research Commission and the Interim Joint Committee on Appropriations and Revenue; amend KRS 141.0205 to order the credit; amend KRS 131.190 to allow the Legislative Research Commission to receive confidential data about the community restoration tax credit from the Department of Revenue.
Index Headings of Original Version	Banks and Financial Institutions - Income tax, community restoration tax credit Taxation - Income tax, community restoration tax credit Taxation, Income--Corporate - Income tax, community restoration tax credit Taxation, Income--Individual - Income tax, community restoration tax credit