H174 Summary: Home School Tax Credit

• Establishes an income tax credit for taxpayers who operate a home school as defined and authorized by North Carolina law.

• Credit amount equals 50% of expenses incurred for establishing and operating the home school.

• Credit cannot exceed the lesser of (i) the opportunity scholarship available to the taxpayer for students of the home school or (ii) the taxpayer's tax liability for the year reduced by all other allowable credits.

• Unused portions of the credit may be carried forward for the next five succeeding years.

• Effective for taxable years beginning on or after January 1, 2019.