HF1368 Summary

• Establishes the Equity and Opportunity in Education Tax Credit allowing individual and corporate taxpayers an 80 percent tax credit for donations to qualified foundations that provide scholarships for prekindergarten programs and eligible schools.

• Sets maximum annual credits at $20,000 for married joint filers (on $25,000 donation), $10,000 for other individual filers (on $12,500 donation), and $100,000 for corporations (on $125,000 donation), with unused credits carrying forward up to 5 years.

• Allocates $10 million annually in statewide tax credits for metropolitan area scholarships and $10 million annually for nonmetropolitan county scholarships, distributed on a first-come, first-served basis.

• Requires school districts to accept education scholarships funded by donations qualifying for the tax credit and waive fees for participants unable to pay without scholarships.

• Mandates commissioner evaluation of the program by January 2020, analyzing parental satisfaction and program impacts on public and private educational capacity, availability, and quality.