Introduced

Passed House

Passed Senate

Became law

Adjourned sine die. The bill was pending when the session ended, so it did not pass.

Last action · February 4, 2025

To Appropriations & Revenue (H)

Introduced January 9, 2025

House

Adjourned Sine Die

2025 Regular Session

HB176

AN ACT relating to an income tax credit.

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.

Firearms and Weapons Taxation Taxation, Income--Corporate Taxation, Income--Individual Federal Laws and Regulations

Read the full text Kentucky Legislature LegiScan

AI-generated. Always verify with primary sources

Plain-language summary

Beta

This bill would create a refundable Kentucky income tax credit to offset certain federal taxes that apply to firearms, specifically the federal taxes on making, transferring, or holding a special occupational status related to firearms. The credit would be available for tax years 2026 through 2029. A refundable credit means that if the credit exceeds what a person owes in state income tax, they could receive the remainder as a refund. Who it may affect: Kentuckians who pay federal firearms-related excise or occupational taxes, such as firearms manufacturers, dealers, or individuals involved in regulated firearm transfers.

Open official bill text (PDF)·Report a problem with the summary