HB694

Kentucky HB694 introduces an income tax credit for qualified employers hiring eligible employees.

Kentucky HB694 establishes an income tax credit for employers who hire individuals with a valid certificate of employability. The credit is limited to 50% of wages paid to eligible employees, up to $2,000 per employee or $3,500 if the employee is a resident related to the owner or lessee of coal, oil, gas reserves, or other mineral resources. Employers must verify employee eligibility and provide details to the Department of Revenue. The credit is applicable for taxable years beginning on or after January 1, 2027, and before January 1, 2031.