CS for SB 2126 Summary

• Transfers and renumbers the Florida Tax Credit Scholarship Program from section 220.187 to section 1002.395, expanding the program structure and eligibility criteria.

• Establishes a tax credit cap of $140 million for fiscal year 2010-2011, with automatic 25% increases when prior year credits reach 90% of the cap, and allows credits under corporate income tax, sales/use tax, oil/gas production tax, and alcoholic beverage taxes.

• Increases household income eligibility threshold from 200% to 230% of federal poverty level for scholarship recipients and allows scholarship amounts up to 60% of unweighted FTE funding (increasing to 80% over time) for private school tuition, with reduced amounts for higher-income families.

• Requires private schools receiving over $250,000 in scholarship funds to annually contract with accountants to perform agreed-upon procedures verifying school eligibility, accounting systems, and proper expenditure of scholarship funds.

• Grants the Commissioner of Education authority to deny, suspend, or revoke private school participation for noncompliance, and allows the commissioner to consider prior educational misconduct, fraud convictions, or sanctions when determining eligibility of school owners or operators.