SB261 Summary

• Increases individual taxpayer tax credit from 50% to 100% of tax liability for contributions to scholarship granting organizations, with maximum credit raised from $50,000 to $100,000 per taxpayer or married couple filing jointly.

• Increases corporate taxpayer tax credit from 50% to 100% of tax liability for contributions to scholarship granting organizations.

• Requires scholarship granting organizations to expend scholarship funds on hand at the beginning of a calendar year within three calendar years, with unexpended funds transferred to the State Department of Education's At-Risk Student Program.

• Establishes comprehensive administrative, financial, and academic accountability standards for scholarship granting organizations including annual reporting, criminal background checks, financial viability requirements for schools, and mandatory academic testing of scholarship recipients.

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