SB71 - Alabama Accountability Act of 2013 Amendments

• Increases individual taxpayer tax credit limit from $7,500 to $50,000 annually and raises cumulative annual tax credits from $25,000,000 to $30,000,000 for the scholarship program.

• Requires all participating private schools to obtain accreditation from designated agencies within three years; newly-formed schools may partner with accredited schools during the accreditation process.

• Changes scholarship reporting period from calendar year to academic year (July 1 - June 30) and requires scholarship granting organizations to determine income eligibility every other year rather than annually.

• Allows pass-through entities (S-corporations and LLCs) to contribute to scholarship programs with tax credits passing through to individual owners, and permits up to 5% of donation revenues for administrative expenses.

• Requires scholarship organizations to give priority to first-time recipients from failing schools and prohibits "lock-up agreements" that would prevent scholarship-funded students from attending schools affiliated with competing organizations.