SB1243 Summary

• Repeals section 43-1089.03 (school tuition organization tax credit for certain students) effective for taxable years beginning after December 31, 2023.

• Increases tax credit limits under section 43-1089 for contributions to school tuition organizations beginning January 1, 2024: from $500 to $1,456 for single filers and from $1,000 to $2,902 for joint filers.

• Removes references to section 43-1089.03 throughout the statute and consolidates school tuition organization contribution provisions under section 43-1089 only.

• Allows taxpayers to claim carried-forward credits from prior years under repealed section 43-1089.03 against future tax liabilities.

• Updates school tuition organization reporting and operational requirements to reflect elimination of the separate 43-1089.03 tax credit category.