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AN ACT relating to a tax credit for entities participating in the Metropolitan 1
College. 2
Be it enacted by the General Assembly of the Commonwealth of Kentucky: 3
ď˘Section 1. KRS 141.381 is amended to read as follows: 4
(1) As used in this section: 5
(a) "Corporation" means the Bluegrass State Skills Corporation established by 6
KRS 154.12-205; 7
(b) "Educational institution" means a: 8
1. Regionally accredited college, university, or technical school; or 9
2. Nationally accredited historically black college and university; 10
(c) "Metropolitan College" means a nonprofit consortium that includes 11
educational institutions located within the Commonwealth and the qualified 12
taxpayer as members. The purpose of Metropolitan College shall be to 13
provide postsecondary educational opportunities to employees of the qualified 14
taxpayer as part of a combined work and postsecondary education program; 15
(d) "Other educational expenses" means the same kinds of educational expenses 16
that were permitted under the Metropolitan College Consortium Agreement 17
approved November 5, 2005; and 18
(e) "Qualified taxpayer" means any taxpayer who, on June 26, 2009, is a party to 19
the Metropolitan College Consortium Agreement approved November 5, 20
2005. 21
(2) To be eligible for the tax credit provided by this section, a qualified taxpayer shall 22
be a partner in Metropolitan College. 23
(3) A qualified taxpayer shall be allowed a nonrefundable credit against the tax 24
imposed by KRS 141.020 or 141.040, and KRS 141.0401, for each taxable year 25
beginning on or after July 1, 2010, in the amount of fifty percent (50%) of the 26
actual costs incurred by the qualified taxpayer for: 27 UNOFFICIAL COPY 25 RS BR 1481
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(a) Tuition paid to an educational institution for a student participating in the 1
Metropolitan College; and 2
(b) Other educational expenses paid on behalf of a student participating in the 3
Metropolitan College; 4
on behalf of employees of the qualified corporation, for up to two thousand eight 5
hundred (2,800) employees each year. 6
(4) To claim the credit each year, the qualified taxpayer shall, on an annual basis, 7
submit to the corporation information listing each employee of the qualified 8
taxpayer for whom tuition or other educational expenses were paid, the amount paid 9
on behalf of each employee, and the amount of credit the qualified company is 10
eligible to claim. The corporation shall review the information provided by the 11
qualified company, and shall notify the department and the qualified company of 12
the amount of credit the qualified company is eligible to claim. 13
(5) The credit allowed by this section for any taxable year shall not exceed the tax 14
liability of the taxpayer for the taxable year. Any credit not used may be carried 15
forward to subsequent years. 16
(6) The qualified company shall provide to the corporation and the department any 17
information and documentation requested for the purpose of monitoring the credit 18
established by this section. 19
(7) The approved company shall maintain records and submit information as required 20
by the corporation and the department. The corporation may share information 21
provided by the approved company with the department for the purpose of 22
monitoring the credit established by this section. 23
(8) The corporation may, through the promulgation of administrative regulations in 24
accordance with KRS Chapter 13A, establish additional standards or requirements 25
for the administration of this section. 26
(9) The credit established by this section shall expire on April 15, 2037[2027], unless 27 UNOFFICIAL COPY 25 RS BR 1481
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extended by the General Assembly. 1