24RS HB 239

Actions

Last Action	01/11/24: to Committee on Committees (H)
Title	AN ACT relating to contributions made to a Kentucky Saves account.
Bill Documents	Introduced
Bill Request Number	112
Sponsors	L. Burke, C. Aull, G. Brown Jr., B. Chester-Burton, S. Stalker
Summary of Original Version	Amend KRS 141.019 to establish an exclusion for amounts contributed to a Kentucky Saves account for taxable years beginning on or after January 1, 2025, but before January 1, 2029; create a new section of KRS Chapter 141 to establish the parameters for the Kentucky Saves exclusion and Kentucky Saves tax credit; require the Department of Revenue to report annually on the exclusion and tax credit; amend KRS 141.0205 to provide ordering of the tax credit; and amend KRS 131.190 to allow the Department of Revenue to report on the exclusion and tax credit.
Index Headings of Original Version	Education, Finance - Kentucky Saves account, contributions, tax incentives Taxation - Kentucky Saves account, contributions, exclusion from tax Taxation - Kentucky Saves account, contributions, tax credit Taxation, Income--Individual - Kentucky Saves account, tax credit and exclusion