Home instruction and private school; tax credit, created. (HB2480)

Introduced By

Del. Dave LaRock (R-Loudoun)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Home instruction and private school tax credit. Creates a nonrefundable tax credit for taxable years 2023 through 2027 for parents or legal guardians of a child who is homeschooled or attends a private school in Virginia. The bill provides that the credit is equal to the lesser of (i) half of the average state Standards of Quality funding per student per year or (ii) the costs incurred for instruction-related materials, courses or programs used in home instruction, or private school tuition and is limited to 1,000 children selected by an application and lottery process developed by the Department of Education. Any savings resulting from the credit of less than a student's full state Standards of Quality funding to an individual or married couple shall be deposited into the School Construction Fund. Read the Bill »

Status

01/20/2023: Awaiting a Vote in the Finance Committee

History

DateAction
01/20/2023Committee
01/20/2023Presented and ordered printed 23102828D
01/20/2023Referred to Committee on Finance

Comments

Fred Costello writes:

This is an excellent pilot program. In Fairfax County, the total SOQ revenue from the state is $509M or approximately $3000 per student. That should be enough to enable some parents to take their students out of public school. Those entering the lottery should include all students, whether they are currently in public school, private school, or homeschool. By including all students, those not currently in public school will not be penalized. Because most students are in public school, most of those winning the lottery would be public-school students; therefore, public schools would realize a saving.

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