Bill > SB0556

This bill amends the Income Tax Act of 1967 by adding Section 281. The key provisions of this bill are: 1. For tax years beginning on or after January 1, 2024, taxpayers can claim a credit against their state income tax in an amount equal to the target foundation allowance (a per-student funding amount set by the State School Aid Act) for each qualified dependent of the taxpayer. 2. To be considered a "qualified dependent," the dependent must be between 5 and 19 years old, not enrolled in a public school, and demonstrate proficiency in reading and math at their appropriate grade level. 3. If the credit exceeds the taxpayer's tax liability, the excess amount will be refunded to the taxpayer. The purpose of this bill is to provide a tax credit to taxpayers with qualified dependents who are not enrolled in public schools, potentially as an incentive for homeschooling or private schooling.