Kentucky HB27 creates a tax credit for contributions to a Kentucky Saves account.
Kentucky HB27 amends Kentucky tax law to create a tax credit for contributions made to a Kentucky Saves account. The credit is equal to 50% of the total contributions made during the taxable year, up to a maximum of $250 for individual taxpayers and $3,000 for married taxpayers filing jointly. The bill also allows taxpayers to exclude contributions from their gross income, subject to certain limitations. The provisions apply to taxable years beginning on or after January 1, 2027, and before January 1, 2031.
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- Core Provisions
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- Legal Framework
- Critical Issues
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