SUMMARY: LC 33 6786

Relates to the qualified education tax credit. Would increase the aggregate amounts of tax credits allowed, but would not exceed $150 million per tax year. The commissioner shall allow tax credits on a first come first serve basis, but two seperate application windows would be established. The first application date would begin on January 1 of each year for tax credits not to exceed $100 million per year, and the second application window would begin on July 1 for each year for tax credits not exceeding $50 million per year. On January 1, 2019 the tax credit will increase by $5 million, and continue each tax year after that. The subsequent application window will increase by $2.5 million on July 1, 2019 and each tax year after that.

EFFECTIVE DATE: July 1, 2017