Home instruction and private school; tax credit, created. (HB2480)
Introduced By
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
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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 »
Outcome
History
| Date | Action |
|---|---|
| 01/20/2023 | Committee |
| 01/20/2023 | Presented and ordered printed 23102828D |
| 01/20/2023 | Referred to Committee on Finance |
| 01/27/2023 | Assigned Finance sub: Subcommittee #3 |
| 01/29/2023 | Impact statement from TAX (HB2480) |
| 01/30/2023 | Subcommittee recommends reporting (4-Y 3-N) |
| 01/30/2023 | Subcommittee recommends referring to Committee on Appropriations |
| 02/01/2023 | Tabled in Finance (12-Y 10-N) (see vote tally) |
Comments
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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