NC H464

Creates an income tax credit of $1,250 per semester for each eligible dependent child enrolled in a home school that meets North Carolina requirements.

Applies to children who are North Carolina residents and enrolled in home school for more than 70 days during a semester; defines two semesters per taxable year as the first and second six months.

Disqualifies children from the credit if they spent any time enrolled in public school, were full-time postsecondary students taking 12+ credit hours, were 22 years old or older during the entire semester, or graduated from high school before the semester ended.

Makes the credit refundable if it exceeds the taxpayer's tax liability, with excess amounts refunded to the taxpayer.

Requires the Department of Revenue to report to legislative committees by December 1, 2022, on the administration of the credit, including the number and amount of credits claimed by school administrative unit and any compliance concerns.