Introduced by Rep. Phil Green R-Millington on October 14, 2021
To authorize individual and business income tax credits equal to the amount a person contributes to a school choice scholarship granting organization authorized by Senate Bill 687. The bill authorizes up to $500 million in annual credits, which would increase over time based on demand according to a specified formula. Credits exceeding a contributor’s annual tax liability would not be refunded but could be “carried forward” and used against up to five years of future state tax liability. Official Text and Analysis.
Referred to the House Education Committee on October 14, 2021
Reported in the Senate on October 19, 2021
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.