SB14-033 Summary

• Establishes a private school tuition income tax credit for tax years beginning January 1, 2014, allowing taxpayers to claim credits when enrolling dependent qualified children in private school or providing scholarships, with credit amounts equal to tuition paid or 50% of state average per pupil revenue (whichever is less) for full-time students and 25% for half-time students.

• Creates a home-school income tax credit of $1,000 for taxpayers home-schooling children previously enrolled full-time in public schools and $500 for those previously enrolled half-time, available for tax years beginning January 1, 2014.

• Both credits may be carried forward for 3 years but are not refundable, and unused portions are forfeited after the 3-year period.

• Requires private schools to issue credit certificates and report issued credits to the Department of Revenue by December 15 each year, with private schools required to provide state average per pupil revenue data to the department within 30 days of the bill's effective date and annually by January 15.

• Takes effect 90 days after final adjournment of the general assembly (August 6, 2014) unless a referendum petition is filed, in which case approval by voters at the November 2014 general election is required.