HB 13-1176: Quality Education and Budget Reduction Act

• Establishes a private school tuition income tax credit for tax years beginning January 1, 2014, allowing taxpayers to claim credits when private schools issue credit certificates for qualified children's enrollment or scholarships.

• Full-time private school students receive credits equal to the lesser of: the scholarship offered or 50% of the previous year's state average per pupil revenue; half-time students receive the lesser of: the scholarship offered or 25% of state average per pupil revenue.

• Creates a home-schooling income tax credit of $1,000 for taxpayers who home-school a child previously enrolled full-time in public school, and $500 for those previously enrolled half-time.

• Credits may be carried forward for 3 years but are not refundable; credits exceeding tax liability are applied to the earliest possible future years within the 3-year carryforward period.

• Department of Revenue must promulgate rules to administer the credits; private schools must report issued credit certificates to the Department by December 15 annually.