Kentucky HB167 modifies state tax deductions to align with federal tax code, including theft losses.
Kentucky HB167 amends the state tax code to align with the Internal Revenue Code, particularly concerning deductions. It specifies that theft losses, as defined under Section 165(e) of the Internal Revenue Code, are allowed deductions. The bill also details various exclusions and inclusions for different types of income and deductions, ensuring consistency with federal tax laws. This alignment affects individual taxpayers by clarifying which deductions are permissible under state law.
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