HB 1275

Abstract

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