summary
Introduced
01/20/2023
01/20/2023
In Committee
01/20/2023
01/20/2023
Crossed Over
Passed
Dead
04/12/2023
04/12/2023
Introduced Session
2023 Regular Session
Bill Summary
Home instruction and private school tax credit. Creates a nonrefundable tax credit for taxable years 2023 through 2027 for parents or legal guardians of a child who is homeschooled or attends a private school in Virginia. The bill provides that the credit is equal to the lesser of (i) half of the average state Standards of Quality funding per student per year or (ii) the costs incurred for instruction-related materials, courses or programs used in home instruction, or private school tuition and is limited to 1,000 children selected by an application and lottery process developed by the Department of Education. Any savings resulting from the credit of less than a student's full state Standards of Quality funding to an individual or married couple shall be deposited into the School Construction Fund. Home instruction and private school tax credit. Creates a nonrefundable tax credit for taxable years 2023 through 2027 for parents or legal guardians of a child who is homeschooled or attends a private school in Virginia. The bill provides that the credit is equal to the lesser of (i) half of the average state Standards of Quality funding per student per year or (ii) the costs incurred for instruction-related materials, courses or programs used in home instruction, or private school tuition and is limited to 1,000 children selected by an application and lottery process developed by the Department of Education. Any savings resulting from the credit of less than a student's full state Standards of Quality funding to an individual or married couple shall be deposited into the School Construction Fund.
AI Summary
This bill creates a nonrefundable tax credit for parents or legal guardians of children who are homeschooled or attend private school in Virginia. The credit is equal to the lesser of half the average state Standards of Quality funding per student per year or the costs incurred for instruction-related materials, home instruction programs, or private school tuition. The credit is limited to 1,000 children selected through an application and lottery process developed by the Department of Education. Any savings from the credit that are less than a student's full state Standards of Quality funding will be deposited into the School Construction Fund. The tax credit is available for taxable years 2023 through 2027 and can only be claimed for up to two years per child.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Tabled in Finance (12-Y 10-N) (on 02/01/2023)
Bill Topics
Education
- ‐ Elementary and Secondary Education
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://lis.virginia.gov/cgi-bin/legp604.exe?231+sum+HB2480 | 01/20/2023 |
| Fiscal Note/Analysis - House: Presented and ordered printed 2310 | https://lis.virginia.gov/cgi-bin/legp604.exe?231+oth+HB2480F161+PDF | 01/30/2023 |
| BillText | https://lis.virginia.gov/cgi-bin/legp604.exe?231+ful+HB2480+hil | 01/20/2023 |
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