KY HB27

Creates "Kentucky Saves accounts" as 529 qualified tuition program accounts under KRS 164A.310, allowing tax benefits for contributions made during taxable years January 1, 2027 through December 31, 2030

Allows taxpayers to exclude contributions from gross income up to $1,500 per individual taxpayer or $3,000 for married couples filing jointly

Establishes a refundable tax credit equal to 50% of contributions, capped at $250 for individuals earning $175,000 or less, and $500 for married couples filing jointly earning less than $350,000

Prohibits taxpayers from claiming both the income exclusion and the refundable credit in the same taxable year

Requires the Department of Revenue to report annually by November 1 to the Legislative Research Commission on the number of returns claiming each benefit, total amounts claimed, and breakdowns by $5,000 income ranges