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ID H0670
Bill
Status
3/15/2012
Primary Sponsor
Education Committee
Click for details
AI Summary
HB 670 Summary
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Creates the Idaho Elementary and Secondary School Scholarship Act allowing taxpayers to claim a state income tax credit for contributions made to scholarship granting organizations beginning January 1, 2013.
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Individual taxpayers and married couples filing jointly may claim a credit equal to total contributions with a 3-year carryforward period; business entities may claim up to 50% of their tax liability with a 3-year carryforward.
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Establishes a $10,000,000 annual aggregate tax credit cap per year, adjusted annually for consumer price index changes, with credits distributed on a first-come, first-served basis.
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Requires scholarship granting organizations to be 501(c)(3) entities that spend at least 90% of donations on educational scholarships for eligible students (household income not exceeding 250% of free/reduced lunch threshold) attending qualified nonpublic schools, with scholarships portable across schools.
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Imposes duties on participating nonpublic schools including compliance with nondiscrimination requirements, criminal background checks for employees, health and safety codes, and academic accountability reporting to parents.
Legislative Description
Adds to existing law relating to education to establish provisions relating to a tax credit for contributions made to a scholarship granting organization, to establish provisions relating to the duties and responsibilities of scholarship granting organizations, to establish provisions relating to the duties and responsibilities of the State Department of Education, to provide for rules and to establish provisions relating to the duties and responsibilities of participating schools.
EDUCATION
Last Action
Ret'd to Educ
3/29/2012