HB747: AN ACT relating to a tax credit for security modifications.

Legislative Summary

Create a new section of KRS Chapter 141 to establish a nonrefundable tax credit for security modifications made to the exterior of a residential home or commercial property; establish that the credit shall be equal to the installed costs not to exceed $5,000 per taxable year, with an aggregate total of $10 million per taxable year of all credits allocated as $5 million as credits against the tax imposed under KRS 141.020 and $5 million as credits against the tax imposed under KRS 141.040 and 141.0401; provide that the income limitation for individuals and joint filers shall be $150,000 in adjusted gross income; amend KRS 141.0205 to order the credit; amend KRS 131.091 to allow reporting by the Department of Revenue.