CS for SB 1372 - New Worlds Reading Initiative

• Establishes the New Worlds Reading Initiative under the Department of Education to provide free books monthly to kindergarten through 5th grade students reading below grade level, administered by a designated state university.

• Creates 100% tax credits against oil and gas production taxes, sales taxes (direct pay permitholders), corporate income tax, alcoholic beverage excise taxes, and insurance premium taxes for contributions to the initiative.

• Sets tax credit cap amounts of $10 million for fiscal year 2021-2022, $30 million for 2022-2023, and $50 million for each subsequent fiscal year, with credits approved on a first-come, first-served basis.

• Requires school districts to identify eligible students, notify parents, coordinate monthly book delivery during the school year (October through June), and raise awareness of the program through student handbooks, parent nights, and library partnerships.

• Allows taxpayers to carry forward unused credits up to 10 years and permits transfer of credits between affiliated group members, with administrator providing certificates of contribution upon receiving donations.