AR HB1004

Establishes an income tax credit against Arkansas income tax for taxpayers with one or more dependents enrolled full-time in kindergarten through grade 12 at any school.

Requires combined tuition, book fees, and laboratory fees to equal at least $300 annually across all dependents to qualify for the credit.

Credit amount equals 25% of qualifying education expenses paid by the taxpayer for dependent(s).

Unused credits may be carried forward for a maximum of two consecutive tax years, but cannot exceed the taxpayer's total income tax liability in any year.

Effective for tax years beginning on or after January 1, 2013, with the Department of Finance and Administration authorized to promulgate administrative rules.