HB559 Summary

• Increases individual taxpayer tax credit for contributions to scholarship granting organizations from 50% to 75% of tax liability, with maximum credit increasing from $50,000 to $75,000 per taxpayer.

• Increases corporate taxpayer tax credit for contributions to scholarship granting organizations from 50% to 75% of tax liability with no specified maximum amount per taxpayer.

• Extends the timeframe for scholarship granting organizations to expend scholarship funds on hand at the beginning of a calendar year from one academic year to three calendar years, with unspent funds reverting to the State Department of Education's At-Risk Student Program.

• Maintains the cumulative annual cap of $30,000,000 for all tax credits issued across both individual and corporate taxpayers.

• Effective date: January 1, 2022.