Kentucky HB768 establishes a Kentucky working credit for eligible taxpayers.

Kentucky HB768 introduces a Kentucky working credit for eligible taxpayers. This credit, effective for taxable years beginning on or after January 1, 2027, and before January 1, 2031, is equal to 30% of the federal earned income credit allowed and claimed by the taxpayer for the taxable year, up to a maximum of $2,000 per return. Taxpayers whose modified gross income qualifies them for the family size tax credit are not eligible for this credit. The credit is refundable and must be verified by providing information on qualifying children or eligibility for the earned income credit.

Kentucky HB768 establishes a Kentucky working credit for eligible taxpayers.

Kentucky HB768 introduces a Kentucky working credit for eligible taxpayers. This credit, effective for taxable years beginning on or after January 1, 2027, and before January 1, 2031, is equal to 30% of the federal earned income credit allowed and claimed by the taxpayer for the taxable year, up to a maximum of $2,000 per return. Taxpayers whose modified gross income qualifies them for the family size tax credit are not eligible for this credit. The credit is refundable and must be verified by providing information on qualifying children or eligibility for the earned income credit.