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IN HB1322
Bill
Status
1/13/2015
Primary Sponsor
Matthew Ubelhor
Click for details
AI Summary
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Creates a refundable income tax credit for unreimbursed curricular materials expenses for eligible dependents in public schools, private schools, or homeschooling (kindergarten through grade 12).
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Sets maximum credit amount at $150 per eligible dependent, with the credit equal to the lesser of actual qualified expenditures or $150.
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Removes curricular materials from the existing $1,000 per-child education expense deduction under IC 6-3-2-22, limiting that deduction to private school tuition and other education expenses.
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Prohibits taxpayers from claiming both the curricular materials credit and the education expense deduction for the same expenditure.
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Allows excess credits that exceed tax liability to be refunded to the taxpayer; applies to tax years beginning after December 31, 2015.
Legislative Description
Tax credit for school curricular materials. Provides a refundable income tax credit for an unreimbursed curricular materials expenditure made by a taxpayer for an eligible dependent who is enrolled in a public school or a private school or who receives solely home based instruction. Provides that the maximum credit amount is $150 per child. Removes curricular material expenditures from the calculation of the adjusted gross income tax deduction for unreimbursed education expenditures at a private school. Specifies that a taxpayer may not claim both the deduction and the credit for the same expenditure.
Last Action
First Reading: referred to Committee on Ways and Means
1/13/2015