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SPONSOR: |
Youngberg |
DATE
TYPED: |
|
HB |
868 |
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SHORT
TITLE: |
|
SB |
|
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|
ANALYST: |
Smith |
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REVENUE
Estimated Revenue |
Subsequent Years Impact |
Recurring or
Non-Rec |
Fund Affected |
|
FY03 |
FY04 |
|
|
|
|
(1,330.0)
|
(1,444.0) |
Recurring |
General Fund |
|
|
|
|
|
(Parenthesis
( ) Indicate Revenue Decreases)
Responses
Received From
TRD
SUMMARY
Synopsis of Bill
House
Bill 868 would allow a $1,000 personal income tax deduction for each dependent
that attends a home school or a “nongovernmental” school for more than six
months during a tax year. Husbands and wives who 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. Dependents for whom the
deduction is allowed must be between the ages of five and eighteen years prior
to September 1 of the school year.
FISCAL IMPLICATIONS
According to the State Department of Education, (SDE) approximately 6,500
rate is approximately 4.7 percent, according to statistics compiled by
the Department. Hence the $1.44 million estimate shown above is the product of
the deduction amount, the average rate and the number of likely deductions,
i.e., 30,500 x .047 x $1,000.
SS/njw