SB 3118
Income tax; implement pilot program authorizing credit for educational expenses, awarded by lottery system.
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- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
An act to authorize an income tax credit for eligible educational expenses paid by a parent OR legal guardian on behalf of a dependent k-12 student; To specify a maximum amount of the credit per student; To provide that any unused portion of the credit may be carried forward for the five succeeding tax years; To provide that the amount of the credit that may be utilized IN any tax year shall not exceed the total state income tax liability of the taxpayer for that year; To provide that the aggregate amount of tax credits that may be awarded under this section IN any calendar year shall not exceed $20,000,000.00; To prescribe the content required IN the application for the credit; To provide that the department shall establish a lottery system for selecting taxpayers to be awarded the credit; To authorize the department of revenue to promulgate regulations as needed to administer this act; To specify that this act creates a pilot program and that no credits shall be authorized under this act for eligible expenses incurred IN any calendar year other than 2026; And for related purposes.
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Hill
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