AN ACT relating to a tax deduction for theft losses.

This bill would allow Kentucky residents to deduct theft losses from their state income taxes, following the same rules used for federal taxes under the Internal Revenue Code. Currently, such a deduction may not be available under state law, and this change would bring Kentucky's tax code in line with federal standards. Who it may affect: Kentucky taxpayers who have experienced theft and may be seeking to reduce their state income tax liability.

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