The Kentucky state legislature is considering a bill that would create a new section of KRS Chapter 198A to establish the Kentucky affordable housing credit. The credit would apply to the income and insurance taxes, in an amount related to the amount of federal low-income housing tax credit; limit the total amount of all credits awarded during any year to the greater of 50 percent of the federal low-income housing tax credits awarded on qualified projects or $5,250,000; create a new section of KRS Chapter 141 to allow the income tax credit; amend KRS 141.0205 to order the income tax credit; and create a new section of KRS Chapter 136 to order the insurance tax credits.
The bill was introduced on February 29.
