Bill > SB2206

This bill, known as the "Federal Tax Credit Scholarship Act," establishes Tennessee's participation in a federal tax credit program designed to encourage contributions to certain scholarship granting organizations. Specifically, it directs the Tennessee Department of Education to identify and certify scholarship granting organizations within the state that meet the requirements of Section 25F of the Internal Revenue Code, which is a federal law allowing individuals to receive a tax credit for making qualified contributions to these organizations. The department will then submit this list to the U.S. Secretary of the Treasury and publish it online, ensuring compliance with all federal regulations to make Tennessee eligible for this tax credit program for taxable years beginning after December 31, 2026. These scholarships can then be used for qualified elementary or secondary education expenses, including home school expenses, as permitted by federal law.