| Summary |
The bill establishes a private school tuition income tax credit for
income tax years commencing on or after January 1, 2023, but prior to
January 1, 2028, that allows any taxpayer to claim a credit when the
taxpayer enrolls a qualified child in a private school or the taxpayer
provides a scholarship to a qualified child for enrollment in a private
school. The private school issues the taxpayer a credit certificate and the
amount of the credit is:
•
For full-time attendance, an amount equal to either the
tuition paid or the scholarship provided to a qualified child,
as applicable, or 50% of the previous year's state average
per pupil revenues, whichever is less; and
•
For half-time attendance, an amount equal to either the
tuition paid or the scholarship provided to a qualified child,
as applicable, or 25% of the previous year's state average
per pupil revenues, whichever is less.
The bill also establishes an income tax credit for income tax years
commencing on or after January 1, 2023, but prior to January 1, 2028,
that allows any taxpayer who uses home-based education for a qualified
child to claim an income tax credit in an amount equal to:
•
$1,500 for a taxpayer who uses home-based education for
a qualified child who was enrolled on a full-time basis in a
public school in the state prior to being taught at home; and
•
$750 for a taxpayer who uses home-based education for a
qualified child who was enrolled on a half-time basis in a
public school in the state prior to being taught at home.
Both credits may be carried forward for 3 years but may not be
refunded. In addition, the credits may be transferred, subject to certain
limitations.
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