26RS HB 131

Actions

Last Action	01/07/26: to Committee on Committees (H)
Title	AN ACT relating to a tax credit for Kentucky Educational Savings Plan Trust account contributions.
Bill Documents	Introduced
Bill Request Number	923
Sponsor	C. Aull
Summary of Original Version	Create a new section of KRS Chapter 141 to establish a nonrefundable credit against the tax imposed under KRS 141.020 for qualifying contributions made to a Kentucky Educational Savings Plan trust account in accordance with the guidelines in 26 U.S.C. sec. 529; for taxable years beginning on or after January 1, 2027, but before January 1, 2031; amend KRS 141.0205 to provide the ordering of the tax credit; amend KRS 131.190 to allow the department to report on the credit.
Index Headings of Original Version	Education, Higher - Kentucky Educational Savings Plan, contributions Taxation - Kentucky Educational Savings Plan trust contribution, income tax credit Taxation, Income--Individual - Kentucky Educational Savings Plan trust contribution, credit Reports Mandated - Department of Revenue, income tax, Kentucky Educational Savings Plan credit