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HB 0517 - Education; calculation of minimum revenue obligations for scholarships and tuition grants; provide for the inclusion of earned interest

Tracking Level: Watch
Sponsor: John Carson (R)
Last Action: 3/31/2021 - Senate - Senate Passed/Adopted By Substitute
House Committee: Education
Senate Committee: Finance

Staff Analysis of the Legislation

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SUMMARY:  LC 49 0502S

This bill addresses some of the recommendations made in the state audit of January 2021. 

It also increased the amount of the income tax credit allowable:

  • An individual could get a credit up to $2500 (currently $1000)
  • A married couple filing jointly could get a credit up to $5000 (currently $2500)'
  • Individuals who are members of a limited liability company, a shareholder of a Subchapter 'S' corporation, or a partner in a partnership could receive a tax credit up to $25,000 (currently $10,000) 

 

EFFECTIVE DATE:

The increase in allowed tax credits would be effective January 1, 2022; the rest of the bill would be effective July 1, 2021 


Bill Summary from the State Site - Click for the State Summary Page / Click for Current Full Text