HB 2292 Summary

• Freezes the school tuition organization (STO) tax credit aggregate cap at $10 million annually, effective from June 30, 2018 onward.

• Eliminates the 20% annual increase to the aggregate tax credit cap that was scheduled through fiscal year 2017-2018.

• Maintains the existing preapproval process requiring taxpayers to notify STOs of intended contributions and obtain department of revenue approval before making donations.

• Preserves the first-come, first-served basis for allocating tax credits up to the $10 million aggregate limit.

• Applies retroactively to June 30, 2018.