HB 176
AN ACT relating to an income tax credit.
In Plain Language
Starting in 2026, Kentucky will let people claim a refundable income tax credit for certain federal firearm taxes they pay, including taxes on making firearms, special firearm business taxes, and firearm transfers. This credit will be available through 2029. The credit can result in a refund even if you owe no state income tax.
Official summary
Create a new section of KRS Chapter 141 to allow a refundable income tax credit for the firearm making tax, firearm special occupational tax, or firearm transfer tax for taxable years beginning on or after January 1, 2026, but before January 1, 2030; amend KRS 141.0205 and 131.190 to order the credit.
Sponsor
—
Cosponsors
None listed
Latest action
to Appropriations & Revenue (H)
Feb 4, 2025
Official source
Action history
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