HB3088 Summary

• Increases the maximum education expense credit from $500 to $1,500 for taxable years beginning January 1, 2016 and ending before January 1, 2017.

• For taxable years beginning on or after January 1, 2017, the maximum credit amount shall be increased annually by the percentage increase in the Consumer Price Index for All Urban Consumers.

• The education expense credit applies to families with qualifying pupils under age 21 attending kindergarten through twelfth grade, covering tuition, book fees, and lab fees in excess of $250 per pupil.

• Credit equals 25% of qualified education expenses but cannot exceed the maximum amount for each tax year.

• Effective immediately upon becoming law.