HB1275 - Home instruction and private school tax; creates an individual, nonrefundable income tax credit.

1 Co-Sponsor

Home instruction and private school tax credit. Creates an individual, nonrefundable income tax credit for taxable years 2024 through 2028 for amounts paid by the parent or legal guardian of a child for the child's home instruction expenses or tuition for attending an accredited private school in Virginia. The bill provides that a taxpayer shall be allowed a credit up to $2,500 that is equal to the lesser of the amount actually paid in the taxable year for such costs or half of the average state standards of quality funding per student per year. The bill provides that the credit may be taken for instruction-related materials, courses, or programs used in home instruction or for private school tuition. The bill provides that the credit is available for two years per child and can be carried forward for five taxable years.