FISCAL NOTE

House Bill 559 as introduced would increase the allowable tax credit for a contribution to a scholarship granting organization from 50% of the tax liability of the individual or corporate taxpayer, currently, to 75% of the tax liability of the taxpayer, not to exceed $75,000 for individual taxpayers. This would decrease receipts to the Education Trust Fund by an estimated maximum of $13 million annually, based on a three-year historical average of credits claimed. This bill does not increase the current $30 million annual cap on accumulative tax credits issued in a calendar year.

This bill also extends the period that scholarship granting organizations may keep scholarship funds on-hand to three years.