26RS HB 760

House Bill 760

Actions

Last Action	02/26/26: to Committee on Committees (H)
Title	AN ACT relating to the certified rehabilitation credit and declaring an emergency.
Bill Documents	Introduced
Bill Request Number	395
Sponsor	S. Witten
Summary of Original Version	Amend KRS 171.396 to define and redefine certain terms; allow the certified rehabilitation credit cap to be allocated as 15% for owner-occupied residential property and 85% for property other than owner-occupied residential property, including workforce housing; require that projects approved as workforce housing maintain affordability for individuals earning 80% of the county level area median income or less; amend KRS 171.397 to state that the provisions established in this statute pertain to applications received before April 30, 2026; create a new section of KRS Chapter 171 to apply to applications received after April 30, 2026 with certain changes; current credit program cap of $100 million is maintained; with a split of $50 million into 2 separate credit allocation application rounds; expand the credit to apply to certain taxes imposed in KRS Chapter 136; require the Kentucky Heritage Council to work with the Kentucky Housing Corporation to ensure the workforce housing property maintains area median income affordability requirements for 5 years within completion of the certified rehabilitation; create a new section of KRS Chapter 198A to require the corporation to work with the Kentucky Heritage Council for these purposes; amend KRS 141.0205; 141.382; and 171.3961 to make conforming changes.
Index Headings of Original Version	Historical Affairs - Certified rehabilitation credit Insurance - Certified rehabilitation credit, applied against liabilities of certain insurance companies Property - Historical properties, certified rehabilitation credit Real Estate - Certified rehabilitation credit modifications, historic properties, income tax Taxation - Income tax, certified rehabilitation credit Taxation, Income--Corporate - Certified rehabilitation credit, modifications Taxation, Income--Individual - Certified rehabilitation credit modifications Workforce - Certified rehabilitation credit, workforce housing