HB489

Kentucky HB489 introduces a nonrefundable eligible child tax credit for taxpayers with children aged 6 to 18.

Kentucky HB489 creates a new tax credit for eligible children aged 6 to 18, aligning with the Internal Revenue Code's definition of "qualifying child." The credit is nonrefundable and applies to taxpayers with children who meet the specified age criteria. The bill outlines the priority order for applying various tax credits and specifies that the eligible child credit will be applied after other nonrefundable credits. The Kentucky Department of Revenue is required to report annually on the number of taxpayers claiming the credit, the total amount claimed, and the distribution by county.