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ID H0286
Bill
Status
3/20/2013
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
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Establishes the Idaho Elementary and Secondary School Scholarship Act, creating a tax credit for taxpayers who contribute to scholarship granting organizations that provide grants to eligible students attending qualified nonpublic schools in Idaho, effective for tax year 2013 and later.
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Allows individual taxpayers and married couples filing jointly to claim a tax credit equal to their total contributions to approved scholarship granting organizations, with a 3-year carryforward; business entities may claim credits up to 50% of tax liability with the same carryforward period.
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Caps total annual tax credits at $10,000,000, adjusted annually for inflation, administered on a first-come, first-served basis by the Idaho State Tax Commission with 14-day confirmation periods before donations are accepted.
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Requires scholarship granting organizations to spend at least 90% of annual donation revenue on educational scholarships, distribute scholarships as portable payments to parents with restrictions preventing donor-directed awards, and report annually to the State Department of Education on contributions and scholarships awarded.
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Participation is limited to eligible students from households at or below 150% of federal free or reduced lunch income standards; scholarships cannot exceed tuition and fees or the per-student tuition support provided to the student's school district, and are not treated as income for other state or federal grant programs.
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 establish provisions relating to the duties and responsibilities of the Idaho State Tax Commission, to provide for rules and to establish provisions relating to the duties and responsibilities of participating schools, to provide for the limitation of regulatory authority and to provide that the amount of a scholarship shall not be treated as income or as a resource for certain purposes.
EDUCATION
Last Action
Introduced, read first time; referred to: Local Government & Taxation
3/21/2013