Reference is to the bill as introduced.
Amend the bill, as and if amended, SECTION 1, page 4, beginning on line 13, by striking Section 12-6-3685(B)(2) and inserting:
/ (2) An individual is entitled to a refundable tax credit against income taxes imposed pursuant to this chapter, or bank taxes imposed pursuant to Chapter 11 of this title for the amount of cash and the monetary value of any publicly traded securities, not exceeding ten thousand dollars for each child, the individual contributes as tuition for exceptional needs children within their custody or care and enrolled in eligible schools who qualify for these grants under the provisions of this section. The maximum total for credits authorized by this item may not exceed four million dollars for each tax year. However, if a child within the care and custody of an individual receives a tuition scholarship from a nonprofit scholarship funding organization, then the individual only may claim a credit equal to the difference of ten thousand dollars or the cost of tuition, whichever is lower, and the amount of the scholarship. /
Amend further SECTION 1, page 5, beginning on line 5, by striking Section 12-6-3685(D)(1)(a) and inserting:
/ (a) The tax credits authorized by subsection (B) may not exceed a total of twelve million dollars for contributions made on behalf of exceptional needs students for each tax year. If the department determines that the total of these credits claimed by all taxpayers exceeds either limit amount, it shall allow credits only up to those amounts on a first come, first served basis. /
Amend further SECTION 1, beginning on page 5 and line 32, by striking Section 12-6-3685(G)(1), and inserting:
/ (G)(1) By May first of each year, each independent school shall apply to the Education Oversight Committee to be considered an eligible institution for which it may receive contributions from a nonprofit scholarship funding organization for which the tax credit allowed by this section is allowed. The Education Oversight Committee, as established in Chapter 6, Title 59, is responsible for determining if an eligible school meets the criteria established by subsection (A)(1), and shall publish an approved list of the schools meeting the criteria. If an independent school does not apply to be an eligible school, the independent school may not be published as an approved school, and contributions to that school must not be allowed for purposes of the credit allowed by this section. The Education Oversight Committee must publish the approved list of schools on its website by September first of each year, and the list must include their names, addresses, telephone numbers, and, if available, website addresses. Also, the score reports and audits received by the Education Oversight Committee pursuant to items (2)(b) and (c) must be published with the list. The Education Oversight Committee shall summarize or redact the score reports if necessary to prevent the disclosure of personally identifiable information. For this purpose, it also shall promulgate regulations further enumerating the specifics of this criteria. In performing this function, the Education Oversight Committee shall establish an advisory committee made up of not more than nine members, including parents, and representatives of independent schools and independent school associations. The advisory committee shall provide recommendations to the Education Oversight Committee on the content of these regulations and any other matters requested by the Education Oversight Committee. /
Renumber sections to conform.
Amend title to conform.