Under current law, a taxpayer may claim a tax credit in an amount equal to 100 percent of the total contributions the taxpayer made to a scholarship granting organization for educational scholarships during the taxable year for which the credit is claimed, up to 50 percent of the tax liability of the taxpayer, not to exceed $50,000 per taxpayer or a cumulative amount of $30,000,000 annually.
This bill would allow a taxpayer to claim a tax credit of up to 100 percent of the tax liability of the taxpayer, not to exceed $100,000 per taxpayer or a cumulative amount of $30,000,000 annually.
Under current law, all scholarship granting organizations must ensure that scholarship funds on hand at the beginning of a calendar year are expended on educational scholarships by the end of the academic year ending within the next succeeding calendar year.
This bill would require all scholarship granting organizations to ensure that scholarship funds on hand at the beginning of a calendar year are expended on educational scholarships within three calendar years.
Assigned Act No. 2022-390.
Enrolled
Signature Requested
Passed Second House
Motion to Read a Third Time and Pass adopted Roll Call 889
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the House of Representatives committee on Education Policy
Motion to Read a Third Time and Pass adopted Roll Call 573
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the Senate committee on Finance and Taxation Education
Source: Alabama Legislature