SB 729 - For all tax years beginning on or after January 1, 2025, this act authorizes a taxpayer to claim a tax credit in an amount equal to one hundred percent of qualified expenses incurred during the tax year for educating a qualified student, as such terms are defined in the act, provided that no tax credit shall exceed the state adequacy target. Tax credits authorized by the act shall not be transferred, sold, or assigned, but are refundable. To be eligible for a tax credit, a taxpayer shall not have enrolled a qualified student in the taxpayer's resident school district during the tax year for which the taxpayer is claiming a tax credit.
Tax credits authorized by the act shall be claimed by the taxpayer at the time such taxpayer files a return. The taxpayer shall submit to the Department of Revenue certification obtained after November 15th from the Department of Elementary and Secondary Education that the taxpayer did not enroll a qualified student in the taxpayer's resident school district during the tax year for which the taxpayer is claiming a tax credit.
The amount of revenue distributed to a school district from the School District Trust Fund shall be reduced by an amount equal to the aggregate amount of tax credits claimed pursuant to this act by taxpayers residing in the school district.
JOSH NORBERG