AR SB112

Allows taxpayers to deduct 50% of qualified education expenses paid for a qualifying child, up to a maximum of $5,000 per child per tax year.

Defines qualified education expenses as costs for homeschooling, public school attendance, or nonpublic school attendance, including tuition, fees, uniforms, textbooks, curricula, instructional materials, and school supplies.

Defines a qualifying child as a dependent claimed on the taxpayer's state income tax return for the current or immediately preceding tax year who is receiving elementary or secondary education.

Limits the deduction to the amount of income tax due by the taxpayer in that tax year.

Effective for tax years beginning on or after January 1, 2017.