AN ACT relating to contributions made to a Kentucky Saves account.

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AN ACT relating to contributions made to a Kentucky Saves account. 1
Be it enacted by the General Assembly of the Commonwealth of Kentucky: 2
Section 1. KRS 141.019 is amended to read as follows: 3
In the case of taxpayers other than corporations: 4
(1) Adjusted gross income shall be calculated by subtracting from the gross income of 5
those taxpayers the deductions allowed individuals by Section 62 of the Internal 6
Revenue Code and adjusting as follows: 7
(a) Exclude income that is exempt from state taxation by the Kentucky 8
Constitution and the Constitution and statutory laws of the United States; 9
(b) Exclude income from supplemental annuities provided by the Railroad 10
Retirement Act of 1937 as amended and which are subject to federal income 11
tax by Pub. L. No. 89-699; 12
(c) Include interest income derived from obligations of sister states and political 13
subdivisions thereof; 14
(d) Exclude employee pension contributions picked up as provided for in KRS 15
6.505, 16.545, 21.360, 61.523, 61.560, 65.155, 67A.320, 67A.510, 78.610, 16
and 161.540 upon a ruling by the Internal Revenue Service or the federal 17
courts that these contributions shall not be included as gross income until such 18
time as the contributions are distributed or made available to the employee; 19
(e) Exclude Social Security and railroad retirement benefits subject to federal 20
income tax; 21
(f) Exclude any money received because of a settlement or judgment in a lawsuit 22
brought against a manufacturer or distributor of "Agent Orange" for damages 23
resulting from exposure to Agent Orange by a member or veteran of the 24
Armed Forces of the United States or any dependent of such person who 25
served in Vietnam; 26
(g) 1. a. For taxable years beginning after December 31, 2005, but before 27
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January 1, 2018, exclude up to forty-one thousand one hundred ten 1
dollars ($41,110) of total distributions from pension plans, annuity 2
contracts, profit -sharing plans, retirement plans, or employee 3
savings plans; and 4
b. For taxable years beginning on or after January 1, 2018, exclude 5
up to thirty -one thousand one hundred ten dollars ($31,110) of 6
total distributions from pension plans, annuity cont racts, profit -7
sharing plans, retirement plans, or employee savings plans. 8
2. As used in this paragraph: 9
a. "Annuity contract" has the same meaning as set forth in Section 10
1035 of the Internal Revenue Code; 11
b. "Distributions" includes but is not limited to any lump -sum 12
distribution from pension or profit -sharing plans qualifying for the 13
income tax averaging provisions of Section 402 of the Internal 14
Revenue Code; any distribution from an individual retirement 15
account as defined in Section 408 of the Internal Revenue Code; 16
and any disability pension distribution; and 17
c. "Pension plans, profit-sharing plans, retirement plans, or employee 18
savings plans" means any trust or other entity created or organized 19
under a written retirement plan and forming part of a stoc k bonus, 20
pension, or profit-sharing plan of a public or private employer for 21
the exclusive benefit of employees or their beneficiaries and 22
includes plans qualified or unqualified under Section 401 of the 23
Internal Revenue Code and individual retirement acco unts as 24
defined in Section 408 of the Internal Revenue Code; 25
(h) 1. a. Exclude the portion of the distributive share of a shareholder's net 26
income from an S corporation subject to the franchise tax imposed 27
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under KRS 136.505 or the capital stock tax imposed under KRS 1
136.300; and 2
b. Exclude the portion of the distributive share of a shareholder's net 3
income from an S corporation related to a qualified subchapter S 4
subsidiary subject to the franchise tax imposed under KRS 5
136.505 or the capital stock tax imposed under KRS 136.300. 6
2. The shareholder's basis of stock held in an S corporation where the S 7
corporation or its qualified subchapter S subsidiary is subject to the 8
franchise tax imposed under KRS 136.505 or the capital stock tax 9
imposed under KRS 136.30 0 shall be the same as the basis for federal 10
income tax purposes; 11
(i) Exclude income received for services performed as a precinct worker for 12
election training or for working at election booths in state, county, and local 13
primaries or regular or special elections; 14
(j) Exclude any capital gains income attributable to property taken by eminent 15
domain; 16
(k) 1. Exclude all income from all sources for members of the Armed Forces 17
who are on active duty and who are killed in the line of duty, for the 18
year during wh ich the death occurred and the year prior to the year 19
during which the death occurred. 20
2. For the purposes of this paragraph, "all income from all sources" shall 21
include all federal and state death benefits payable to the estate or any 22
beneficiaries; 23
(l) Exclude all military pay received by members of the Armed Forces while on 24
active duty; 25
(m) 1. Include the amount deducted for depreciation under 26 U.S.C. sec. 167 26
or 168; and 27
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2. Exclude the amounts allowed by KRS 141.0101 for depreciation; 1
(n) Include the amount deducted under 26 U.S.C. sec. 199A; 2
(o) Ignore any change in the cost basis of the surviving spouse's share of property 3
owned by a Kentucky community property trust occurring for federal income 4
tax purposes as a result of the death of the predeceasing spouse; 5
(p) Allow the same treatment allowed under Pub. L. No. 116 -260, secs. 276 and 6
278, related to the tax treatment of forgiven covered loans, deductions 7
attributable to those loans, and tax attributes associated with those loans for 8
taxable years ending on or after March 27, 2020, but before January 1, 2022; [ 9
and] 10
(q) For taxable years beginning on or after January 1, 2020, but before March 11, 11
2023, allow the same treatment of restaurant revitalization grants in 12
accordance with Pub. L. No. 117 -2, s ec. 9673 and 15 U.S.C. sec. 9009c, 13
related to the tax treatment of the grants, deductions attributable to those 14
grants, and tax attributes associated with those grants; and 15
(r) For taxable years beginning on or after January 1, 2027, but before 16
January 1, 2031, exclude amounts contributed to a Kentucky qualified 17
tuition program under 26 U.S.C. sec. 529 and in accordance with Section 2 18
of this Act; and 19
(2) Net income shall be calc ulated by subtracting from adjusted gross income all the 20
deductions allowed individuals by Chapter 1 of the Internal Revenue Code, as 21
modified by KRS 141.0101, except: 22
(a) Any deduction allowed by 26 U.S.C. sec. 164 for taxes; 23
(b) Any deduction allowed by 26 U.S.C. sec. 165 for losses, except wagering 24
losses allowed under Section 165(d) of the Internal Revenue Code; 25
(c) Any deduction allowed by 26 U.S.C. sec. 213 for medical care expenses; 26
(d) Any deduction allowed by 26 U.S.C. sec. 217 for moving expenses; 27
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(e) Any deduction allowed by 26 U.S.C. sec. 67 for any other miscellaneous 1
deduction; 2
(f) Any deduction allowed by the Internal Revenue Code for amounts allowable 3
under KRS 140.090(1)(h) in calculating the value of the distributive shares of 4
the estate of a decedent, unless there is filed with the income return a 5
statement that the deduction has not been claimed under KRS 140.090(1)(h); 6
(g) Any deduction allowed by 26 U.S.C. sec. 151 for personal exemptions and 7
any other deductions in lieu thereof; 8
(h) Any deduction allowed for amounts paid to any club, organization, or 9
establishment which has been determined by the courts or an agency 10
established by the General Assembly and charged with enforcing the civil 11
rights laws of the Commonwealth, not to afford ful l and equal membership 12
and full and equal enjoyment of its goods, services, facilities, privileges, 13
advantages, or accommodations to any person because of race, color, religion, 14
national origin, or sex, except nothing shall be construed to deny a deduction 15
for amounts paid to any religious or denominational club, group, or 16
establishment or any organization operated solely for charitable or educational 17
purposes which restricts membership to persons of the same religion or 18
denomination in order to promote the religious principles for which it is 19
established and maintained; and 20
(i) A taxpayer may elect to claim the standard deduction allowed by KRS 21
141.081 instead of itemized deductions allowed pursuant to 26 U.S.C. sec. 63 22
and as modified by this section. 23
SECTION 2. A NEW SECTION OF KRS CHAPTER 141 IS CREATED TO 24
READ AS FOLLOWS: 25
(1) As used in this section: 26
(a) "Contribution" means the amount contributed to a Kentucky Saves 27
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account; and 1
(b) "Kentucky Saves account" means an a ccount within the trust established 2
under KRS 164A.310, to which contributions are made and withdrawn by a 3
beneficiary for a qualified tuition program under Section 529 of the 4
Internal Revenue Code. 5
(2) For taxable years beginning on or after January 1, 2 027, but before January 1, 6
2031, a taxpayer making a contribution may claim: 7
(a) An exclusion from gross income, subject to the limitations in subsection (3) 8
of this section; or 9
(b) A refundable credit against the tax imposed by KRS 141.020, and subject to 10
the limitations set forth in subsection (4) of this section. 11
(3) The amount excluded from income shall equal the amount of the contribution 12
made during the taxable year and limited to: 13
(a) One thousand five hundred dollars ($1,500) per taxpayer; or 14
(b) Three thousand dollars ($3,000) for married taxpayers filing jointly. 15
(4) (a) The Kentucky Saves credit shall be equal to fifty percent (50%) of the total 16
contributions made during the taxable year, and shall not exceed: 17
1. Two hundred fifty dollars ($250) f or taxpayers with gross income of 18
one hundred seventy-five thousand dollars ($175,000) or less; or 19
2. Five hundred dollars ($500) for married taxpayers filing jointly, with a 20
combined income of less than three hundred fifty thousand dollars 21
($350,000). 22
(b) Taxpayers earning in excess of the thresholds set forth in paragraph (a) of 23
this subsection shall not be eligible for the refundable credit, but may claim 24
the income exclusion in accordance with subsection (3) of this section. 25
(c) The ordering of the Kentucky Saves credit shall be as provided in Section 3 26
of this Act. 27
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(d) A taxpayer claiming an exclusion from gross income in accordance with 1
Section 1 of this Act and subsection (3) of this section shall not also claim 2
credit under this subsection for the same taxable year. 3
(5) By November 1 of each year in which a Kentucky Saves credit or an exclusion is 4
claimed, the department shall report to the Legislative Research Commission for 5
referral to the Interim Joint Committee on Appropriations and Revenue: 6
(a) The number of returns claiming the exclusion and the number of returns 7
claiming the credit; 8
(b) The total amount of the exclusion and the total amount of the credit claimed 9
for each taxable year; and 10
(c) Based on ranges of adjusted g ross income of no larger than five thousand 11
dollars ($5,000) for the taxable year: 12
1. The number of returns filed and the total amount of exclusions; and 13
2. The number of returns filed and the total amount of credits; 14
claimed for each net income range. 15
Section 3. KRS 141.0205 is amended to read as follows: 16
If a taxpayer is entitled to more than one (1) of the tax credits allowed against the tax 17
imposed by KRS 141.020, 141.040, and 141.0401, the priority of application and use of 18
the credits shall be determined as follows: 19
(1) The nonrefundable business incentive credits against the tax imposed by KRS 20
141.020 shall be taken in the following order: 21
(a) The limited liability entity tax credit permitted by KRS 141.0401; 22
(b) The economic development credits computed under KRS 141.347, 141.381, 23
141.384, 141.3841, 141.400, 141.403, 141.407, 141.415, 154.12 -207, and 24
154.12-2088; 25
(c) The qualified farming operation credit permitted by KRS 141.412; 26
(d) The certified rehabilitation credit permitted by KRS 171.397(1)(a); 27
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(e) The health insurance credit permitted by KRS 141.062; 1
(f) The tax paid to other states credit permitted by KRS 141.070; 2
(g) The credit for hiring the unemployed permitted by KRS 141.065; 3
(h) The recycling or composting equipment credit permitted by KRS 141.390; 4
(i) The [tax ]credit for cash contributions in investment funds permitted by KRS 5
154.20-263 in effect prior to July 15, 2002, and the credit permitted by KRS 6
154.20-258; 7
(j) The research facilities credit permitted by KRS 141.395; 8
(k) The employer High School Equivalency Diploma program incentive credit 9
permitted under KRS 151B.402; 10
(l) The voluntary environmental remediation credit permitted by KRS 141.418; 11
(m) The biodiesel and renewable diesel credit permitted by KRS 141.423; 12
(n) The clean coal incentive credit permitted by KRS 141.428; 13
(o) The ethanol credit permitted by KRS 141.4242; 14
(p) The cellulosic ethanol credit permitted by KRS 141.4244; 15
(q) The energy efficiency credits permitted by KRS 141.436; 16
(r) The railroad maintenance and improvement credit permitted by KRS 141.385; 17
(s) The Endow Kentucky credit permitted by KRS 141.438; 18
(t) The New Markets Development Program credit permitted by KRS 141.434; 19
(u) The distilled spirits credit permitted by KRS 141.389; 20
(v) The angel investor credit permitted by KRS 141.396; 21
(w) The film industry credit permitted by KRS 141.383 for applications approved 22
on or after April 27, 2018, but before January 1, 2022; 23
(x) The inventory credit permitted by KRS 141.408; 24
(y) The renewable chemical production credit permitted by KRS 141.4231; and 25
(z) The qualified broadband investment [tax ]credit permitted by KRS 141.391; 26
(2) After the application of the nonrefundable cr edits in subsection (1) of this section, 27
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the nonrefundable personal tax credits against the tax imposed by KRS 141.020 1
shall be taken in the following order: 2
(a) The individual credits permitted by KRS 141.020(3); 3
(b) The credit permitted by KRS 141.066; 4
(c) The tuition credit permitted by KRS 141.069; 5
(d) The household and dependent care credit permitted by KRS 141.067; 6
(e) The income gap credit permitted by KRS 141.066; and 7
(f) The Education Opportunity Account Program [tax ]credit permitted by KRS 8
141.522; 9
(3) After the application of the nonrefundable credits provided for in subsection (2) of 10
this section, the refundable credits against the tax imposed by KRS 141.020 shall be 11
taken in the following order: 12
(a) The individual withholding tax credit permitted by KRS 141.350; 13
(b) The individual estimated tax payment credit permitted by KRS 141.305; 14
(c) The certified rehabilitation credit permitted by KRS 171.3961, 171.3963, and 15
171.397(1)(b); 16
(d) The film industry [tax ] credit permitted by KRS 141.383 for app lications 17
approved prior to April 27, 2018, or on or after January 1, 2022; 18
(e) The development area [tax ]credit permitted by KRS 141.398; 19
(f) The decontamination [tax ]credit permitted by KRS 141.419;[ and] 20
(g) The pass-through entity tax credit permitted by KRS 141.209; and 21
(h) The Kentucky Saves credit permitted by Section 2 of this Act; 22
(4) The nonrefundable credit permitted by KRS 141.0401 shall be applied against the 23
tax imposed by KRS 141.040; 24
(5) The following nonrefundable credits shall be applied against the sum of the tax 25
imposed by KRS 141.040 after subtracting the credit provided for in subsection (4) 26
of this section, and the tax imposed by KRS 141.0401 in the following order: 27
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(a) The economic development credits computed under KRS 141.347, 141.381, 1
141.384, 141.3841, 141.400, 141.403, 141.407, 141.415, 154.12 -207, and 2
154.12-2088; 3
(b) The qualified farming operation credit permitted by KRS 141.412; 4
(c) The certified rehabilitation credit permitted by KRS 171.397(1)(a); 5
(d) The health insurance credit permitted by KRS 141.062; 6
(e) The unemployment credit permitted by KRS 141.065; 7
(f) The recycling or composting equipment credit permitted by KRS 141.390; 8
(g) The coal conversion credit permitted by KRS 141.041; 9
(h) The enterprise zone credit permitted by KRS 154.45 -090, for taxable periods 10
ending prior to January 1, 2008; 11
(i) The [tax ]credit for cash contributions to investment funds permitted by KRS 12
154.20-263 in effect prior to July 15, 2002, an d the credit permitted by KRS 13
154.20-258; 14
(j) The research facilities credit permitted by KRS 141.395; 15
(k) The employer High School Equivalency Diploma program incentive credit 16
permitted by KRS 151B.402; 17
(l) The voluntary environmental remediation credit permitted by KRS 141.418; 18
(m) The biodiesel and renewable diesel credit permitted by KRS 141.423; 19
(n) The clean coal incentive credit permitted by KRS 141.428; 20
(o) The ethanol credit permitted by KRS 141.4242; 21
(p) The cellulosic ethanol credit permitted by KRS 141.4244; 22
(q) The energy efficiency credits permitted by KRS 141.436; 23
(r) The ENERGY STAR home or ENERGY STAR manufactured home credit 24
permitted by KRS 141.437; 25
(s) The railroad maintenance and improvement credit permitted by KRS 141.385; 26
(t) The railroad expansion credit permitted by KRS 141.386; 27
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(u) The Endow Kentucky credit permitted by KRS 141.438; 1
(v) The New Markets Development Program credit permitted by KRS 141.434; 2
(w) The distilled spirits credit permitted by KRS 141.389; 3
(x) The film industry credit permitted by KRS 141.383 for applications approved 4
on or after April 27, 2018, but before January 1, 2022; 5
(y) The inventory credit permitted by KRS 141.408; 6
(z) The renewable chemical production [tax ]credit permitted by KRS 141.4231; 7
(aa) The Education Opportunity Account Program [tax ]credit permitted by KRS 8
141.522; and 9
(ab) The qualified broadband investment [tax ]credit permitted by KRS 141.391; 10
and 11
(6) After the application of the nonrefundable cr edits in subsection (5) of this section, 12
the refundable credits shall be taken in the following order: 13
(a) The corporation estimated tax payment credit permitted by KRS 141.044; 14
(b) The certified rehabilitation credit permitted by KRS 171.3961, 171.3963, a nd 15
171.397(1)(b); 16
(c) The film industry [tax ] credit permitted by KRS 141.383 for applications 17
approved prior to April 27, 2018, or on or after January 1, 2022; 18
(d) The decontamination [tax ]credit permitted by KRS 141.419; and 19
(e) The pass-through entity tax credit permitted by KRS 141.209. 20
Section 4. KRS 131.190 is amended to read as follows: 21
(1) No present or former commissioner or employee of the department, present or 22
former member of a county board of assessment appeals, present or former property 23
valuation administrator or employee, present or former secretary or employee of the 24
Finance and Administration Cabinet, former secretary or employee of the Revenue 25
Cabinet, or any other person, shall intentionally and witho ut authorization inspect 26
or divulge any information acquired by him or her of the affairs of any person, or 27
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information regarding the tax schedules, returns, or reports required to be filed with 1
the department or other proper officer, or any information pr oduced by a hearing or 2
investigation, insofar as the information may have to do with the affairs of the 3
person's business. 4
(2) The prohibition established by subsection (1) of this section shall not extend to: 5
(a) Information required in prosecutions for m aking false reports or returns of 6
property for taxation, or any other infraction of the tax laws; 7
(b) Any matter properly entered upon any assessment record, or in any way made 8
a matter of public record; 9
(c) Furnishing any taxpayer or his or her properly a uthorized agent with 10
information respecting his or her own return; 11
(d) Testimony provided by the commissioner or any employee of the department 12
in any court, or the introduction as evidence of returns or reports filed with the 13
department, in an action for violation of state or federal tax laws or in any 14
action challenging state or federal tax laws; 15
(e) Providing an owner of unmined coal, oil or gas reserves, and other mineral or 16
energy resources assessed under KRS 132.820, or owners of surface land 17
under which the unmined minerals lie, factual information about the owner's 18
property derived from third-party returns filed for that owner's property, under 19
the provisions of KRS 132.820, that is used to determine the owner's 20
assessment. This information shall be provided to the owner on a confidential 21
basis, and the owner shall be subject to the penalties provided in KRS 22
131.990(2). The third -party filer shall be given prior notice of any disclosure 23
of information to the owner that was provided by the third-party filer; 24
(f) Providing to a third -party purchaser pursuant to an order entered in a 25
foreclosure action filed in a court of competent jurisdiction, factual 26
information related to the owner or lessee of coal, oil, gas reserves, or any 27
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other mineral resources a ssessed under KRS 132.820. The department may 1
promulgate an administrative regulation establishing a fee schedule for the 2
provision of the information described in this paragraph. Any fee imposed 3
shall not exceed the greater of the actual cost of providing the information or 4
ten dollars ($10); 5
(g) Providing information to a licensing agency, the Transportation Cabinet, or 6
the Kentucky Supreme Court under KRS 131.1817; 7
(h) Statistics of gasoline and special fuels gallonage reported to the department 8
under KRS 138.210 to 138.448; 9
(i) Providing any utility gross receipts license tax return information that is 10
necessary to administer the provisions of KRS 160.613 to 160.617 to 11
applicable school districts on a confidential basis; 12
(j) Providing documents, data, or other information to a third party pursuant to an 13
order issued by a court of competent jurisdiction; 14
(k) Publishing administrative writings on its official website in accordance with 15
KRS 131.020(1)(b); or 16
(l) Providing information to the Legislative Research Commission under: 17
1. KRS 139.519 for purposes of the sales and use tax refund on building 18
materials used for disaster recovery; 19
2. KRS 141.436 for purposes of the energy efficiency products credits; 20
3. KRS 141.437 for purposes of the ENERGY STAR home and the 21
ENERGY STAR manufactured home credits; 22
4. KRS 141.383 for purposes of the film industry incentives; 23
5. KRS 154.26-095 for purposes of the Kentucky industrial revitalization 24
credit and the job assessment fees; 25
6. KRS 141.068 for purposes of the Kentucky investment fund; 26
7. KRS 141.396 for purposes of the angel investor credit; 27
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8. KRS 141.389 for purposes of the distilled spirits credit; 1
9. KRS 141.408 for purposes of the inventory credit; 2
10. KRS 141.390 for purposes of the recycling and composting credits; 3
11. KRS 141.3841 for purposes of the selling farmer credit; 4
12. KRS 141.4231 for purposes of the renewable chemical production 5
credit; 6
13. KRS 141.524 for purposes of the Education Opportunity Accoun t 7
Program credit; 8
14. KRS 141.398 for purposes of the development area credit; 9
15. KRS 139.516 for purposes of the sales and use tax exemptions for the 10
commercial mining of cryptocurrency; 11
16. KRS 141.419 for purposes of the decontamination credit; 12
17. KRS 141.391 for purposes of the qualified broadband investment credit; 13
18. KRS 139.499 for purposes of the sales and use tax exemptions for a 14
qualified data center project;[ and] 15
19. KRS 139.5325 for purposes of the sales and use tax incentive for a 16
qualifying attraction; and 17
20. Section 2 of this Act for purposes of the Kentucky Saves exclusion and 18
the Kentucky Saves credit. 19
(3) The commissioner shall make available any information for official use only and on 20
a confidential basis to the proper officer, agenc y, board or commission of this state, 21
any Kentucky county, any Kentucky city, any other state, or the federal 22
government, under reciprocal agreements whereby the department shall receive 23
similar or useful information in return. 24
(4) Access to and inspection of information received from the Internal Revenue Service 25
is for department use only, and is restricted to tax administration purposes. 26
Information received from the Internal Revenue Service shall not be made available 27
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to any other agency of state governm ent, or any county, city, or other state, and 1
shall not be inspected intentionally and without authorization by any present 2
secretary or employee of the Finance and Administration Cabinet, commissioner or 3
employee of the department, or any other person. 4
(5) Statistics of crude oil as reported to the department under the crude oil excise tax 5
requirements of KRS Chapter 137 and statistics of natural gas production as 6
reported to the department under the natural resources severance tax requirements 7
of KRS Chap ter 143A may be made public by the department by release to the 8
Energy and Environment Cabinet, Department for Natural Resources. 9
(6) Notwithstanding any provision of law to the contrary, beginning with mine -map 10
submissions for the 1989 tax year, the depar tment may make public or divulge only 11
those portions of mine maps submitted by taxpayers to the department pursuant to 12
KRS Chapter 132 for ad valorem tax purposes that depict the boundaries of mined -13
out parcel areas. These electronic maps shall not be reli ed upon to determine actual 14
boundaries of mined-out parcel areas. Property boundaries contained in mine maps 15
required under KRS Chapters 350 and 352 shall not be construed to constitute land 16
surveying or boundary surveys as defined by KRS 322.010 and any a dministrative 17
regulations promulgated thereto. 18