HB 2153 Summary

• Creates a new income tax credit (section 43-1089.04) allowing S corporation shareholders to claim pro rata shares of contributions made by the corporation to school tuition organizations, with a minimum aggregate contribution of $5,000 per taxable year.

• Allows unused tax credits to carry forward for up to five consecutive taxable years if the credit exceeds tax liability owed.

• Amends sections 43-1183 and 43-1184 to explicitly include S corporation shareholders as eligible co-owners who may claim pro rata shares of school tuition organization contribution credits based on ownership interest.

• Adds operational requirements prohibiting school tuition organizations from awarding scholarships to students simultaneously enrolled in both public/charter schools and qualified schools.

• Applies retroactively to taxable years beginning after December 31, 2014.