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2020 SPECIAL SESSION I
HB 5129 Income tax, state; tax credit for pandemic-related education expenses.
Introduced by: John J. McGuire, III | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Income tax credit for pandemic-related education expenses. Establishes a refundable income tax credit for taxable years 2020 and 2021 for pandemic-related education expenses incurred and paid between August 1, 2020, and July 31, 2021, due to the closure of a primary or secondary school or such school not offering in-classroom education as a result of the COVID-19 pandemic. The amount of the credit is 50 percent of expenses up to a maximum of $4,500. If the amount of the credit exceeds the taxpayer's tax liability for the taxable year in which the pandemic-related education expenses were incurred and paid, such excess shall be refunded to the taxpayer. The taxpayer must verify his eligible pandemic-related education expenses when claiming the credit pursuant to guidelines promulgated by the Department of Taxation.
FULL TEXT
HISTORY
- 08/25/20 House: Presented and ordered printed 20200578D
- 08/25/20 House: Referred to Committee on Finance
- 11/09/20 House: Left in Finance