AR HB1030

Creates a state income tax credit for taxpayers with one or more full-time K-12 dependents enrolled at any school, calculated based on qualifying education expenses.

Requires combined tuition, book fees, and laboratory fees to total at least $300 to qualify; credit equals 25% of eligible expenses paid.

Limits the annual credit to the amount of individual income tax liability owed, with unused credits allowed to carry forward for a maximum of two consecutive tax years.

Defines "dependent" according to federal tax law (26 U.S.C. § 152) as in effect January 1, 2011.

Directs the Department of Finance and Administration to promulgate rules for administering the credit, including documentation requirements to verify K-12 enrollment; effective for tax years beginning January 1, 2011 or later.