KRS 141.381 — Nonrefundable tax credit for entities participating in the Metropolitan College

(1) As used in this section:
(a) "Corporation" means the Bluegrass State Skills Corporation established by
KRS 154.12-205;
(b) "Educational institution" means a regionally accredited college, university, or
technical school;
(c) "Metropolitan College" means a nonprofit consortium that includes
educational institutions located within the Commonwealth and the qualified
taxpayer as members. The purpose of Metropo litan College shall be to
provide postsecondary educational opportunities to employees of the qualified
taxpayer as part of a combined work and postsecondary education program;
(d) "Other educational expenses" means the same kinds of educational expenses
that were permitted under the Metropolitan College Consortium Agreement
approved November 5, 2005; and
(e) "Qualified taxpayer" means any taxpayer who, on June 26, 2009, is a party to
the Metropolitan College Consortium Agreement approved November 5,
2005.
(2) To be eligible for the tax credit provided by this section, a qualified taxpayer shall
be a partner in Metropolitan College.
(3) A qualified taxpayer shall be allowed a nonrefundable credit against the tax
imposed by KRS 141.020 or 141.040, and KRS 141 .0401, for each taxable year
beginning on or after July 1, 2010, in the amount of fifty percent (50%) of the
actual costs incurred by the qualified taxpayer for:
(a) Tuition paid to an educational institution for a student participating in the
Metropolitan College; and
(b) Other educational expenses paid on behalf of a student participating in the
Metropolitan College;
on behalf of employees of the qualified corporation, for up to two thousand eight
hundred (2,800) employees each year.
(4) To claim the credit each year, the qualified taxpayer shall, on an annual basis,
submit to the corporation information listing each e mployee of the qualified
taxpayer for whom tuition or other educational expenses were paid, the amount paid
on behalf of each employee, and the amount of credit the qualified company is
eligible to claim. The corporation shall review the information provid ed by the
qualified company, and shall notify the department and the qualified company of
the amount of credit the qualified company is eligible to claim.
(5) The credit allowed by this section for any taxable year shall not exceed the tax
liability of the taxpayer for the taxable year. Any credit not used may be carried
forward to subsequent years.
(6) The qualified company shall provide to the corporation and the department any
information and documentation requested for the purpose of monitoring the cred it
established by this section.
(7) The approved company shall maintain records and submit information as required
by the corporation and the department. The corporation may share information
provided by the approved company with the department for the pur pose of
monitoring the credit established by this section.
(8) The corporation may, through the promulgation of administrative regulations in
accordance with KRS Chapter 13A, establish additional standards or requirements
for the administration of this section.
(9) The credit established by this section shall expire on April 15, 2037, unless
extended by the General Assembly.