HB393 Summary

• Increases individual taxpayer tax credit limit from $50,000 to $100,000 per year for contributions to scholarship granting organizations, allowing credit up to 100% of tax liability instead of 50%.

• Extends scholarship fund expenditure deadline from the end of the next academic year to within three calendar years, with unexpended funds transferred to the State Department of Education's At-Risk Student Program.

• Maintains $30,000,000 annual cumulative cap on total tax credits issued and retains all existing accountability standards for scholarship granting organizations and qualifying schools.

• Applies retroactively to tax years beginning after December 31, 2021.