KY HB 870

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Description

Amend KRS 96A.096 to include voluntary contributions by a Kentucky employer up to 0.05% of the Kentucky employer's total payroll in the Kentucky public transportation development fund; require the fund to be administered by the Transportation Cabinet; require the moneys received from the voluntary contributions to be used for providing public transit for workforce mobility needs; specify how the moneys in the fund for public transit are distributed; require annual reporting to the Transportation Cabinet from each public transit system that receives money from the fund; require annual reporting from the Transportation Cabinet to the Legislative Research Commission; create a new section of KRS Chapter 141 to define "public transportation contribution," "Kentucky public transportation development fund," and "transit authority"; establish the public transportation contribution credit for taxes imposed in KRS 141.020 or 141.040 and 141.0401 for public transportation contributions provided by a Kentucky employer; limit the credit to 50% of the total amount of the public transportation contribution made for the taxable year by the employer; require annual reporting by the Department of Revenue on the credits claimed; amend KRS 141.0205 to order the credits; amend KRS 131.190 to allow the Department of Revenue to report on the credit; appropriate $30 million in general fund moneys in each fiscal year of the 2026-2028 biennium to the Kentucky public transportation development fund; APPROPRIATION; EMERGENCY.