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SPONSOR: |
Komadina |
DATE TYPED: |
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HB |
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SHORT TITLE: |
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SB |
97 |
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ANALYST: |
Neel |
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REVENUE
|
Estimated Revenue |
Subsequent Years Impact |
Recurring or
Non-Rec |
Fund Affected |
|
|
FY03 |
FY04 |
|
|
|
|
|
($920.0) |
($1,000.0) |
Recurring |
General
Fund |
|
|
|
|
|
|
(Parenthesis ( ) Indicate Revenue Decreases)
LFC files
Responses
Received From:
Taxation
and Revenue Department (TRD)
SUMMARY
Synopsis
of Bill
Senate
Bill 97 proposes a $3,500 personal income
tax deduction for each dependent that attends a home school for one year. The
deduction would be half this amount in cases where a child attended home school
for at least half a year but less than one year. Husbands and wives that file
separate returns in a year in which they could have filed a joint return would
each be allowed to claim half the deduction allowed under a joint return, i.e.,
$1,750. SB 97 defines ‘dependent’ as the term is defined under Section 152 of
the Internal Revenue Code, but also includes minor children or stepchildren of
a resident that would be a dependent for federal income tax purposes if public
assistance contributing to support of the child or stepchild was considered to
have been contributed by the resident.
FISCAL
IMPLICATIONS
TRD notes the
following assumptions regarding the fiscal impact:
According to the State Department of Education,
approximately 6,500
SN/prr