Kentucky HB131 establishes a tax credit for contributions to Kentucky Educational Savings Plan Trust accounts for qualified educational expenses.
Kentucky HB131 creates a tax credit for contributions to Kentucky Educational Savings Plan Trust accounts, which are used for qualified educational expenses. This credit is available for taxable years beginning on or after January 1, 2027, but before January 1, 2031. The credit is nonrefundable, nontransferable, and applies against the tax imposed under KRS 141.020. It is equal to the total contributions made to a savings plan trust account for the taxable year but cannot exceed $19,000 per taxpayer per taxable year.
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