HB314: AN ACT relating to the community restoration incentive program.

Legislative Summary

Create a new section of KRS Chapter 141 to establish the community restoration tax credit for taxable years beginning on or after January 1, 2025, but before January 1, 2029, for financial institutions making loans to a community development financial institution; establish the annual credit cap at $20 million; require the Department of Revenue to report tax credit data to the Legislative Research Commission and the Interim Joint Committee on Appropriations and Revenue; amend KRS 141.0205 to order the credit; amend KRS 131.190 to allow the Legislative Research Commission to receive confidential data about the community restoration tax credit from the Department of Revenue.