HB86: AN ACT relating to workforce and housing development.

Legislative Summary

Create a new section of KRS Chapter 198A to establish the nonrefundable Kentucky affordable housing credit for taxable years or periods beginning on or after January 1, 2025, for a period of five years; allow the credit to be applied to the income and insurance taxes, in an amount equal to the amount of federal low-income housing tax credit; provide that the aggregate amount of tax credit for any year shall not exceed $12.5 million; create a new section of KRS Chapter 141 to allow the credit to be applied to income and limited liability entity taxes; amend KRS 141.0205 to order the income tax credit; create new sections of KRS Chapter 136 to allow the credit to be applied to insurance tax; order the insurance tax credits; amend KRS 131.190 to conform.