HB343

Kentucky HB343 establishes a tax credit for employers contributing to Kentucky Educational Savings Plan Trust accounts or STABLE Kentucky accounts.

Kentucky HB343 creates a new tax credit for employers who contribute to Kentucky Educational Savings Plan Trust accounts or STABLE Kentucky accounts on behalf of their employees. The credit is nonrefundable and nontransferable, and it can be carried forward for up to five years if unused. The credit equals 20% of the employer's contribution, up to a maximum of $500 per employee per year. The bill also outlines the order in which various tax credits should be applied and includes provisions for the confidentiality of certain tax information.