Repealing the school tuition organization tax credit available against the individual and corporate income taxes and including effective date provisions

This bill repeals the school tuition organization (STO) tax credit available against the individual and corporate income taxes. DIVISION I. Under the bill, a contribution made by a taxpayer to an STO on or after July 1, 2024, shall not be used by the taxpayer as a tax credit to reduce the individual or corporate income tax. The bill prohibits an STO from issuing tax credit certificates for contributions made to the STO on or after July 1, 2024. The bill reduces the total amount of approved STO tax credits that may be issued in calendar year 2024 from $20 million to $10 million due to the repeal occurring at the midpoint of the calendar year. The bill strikes the credit occurring each calendar year after calendar year 2024.11S(3). DIVISION II.11S on the date that the Code section is repealed. The division takes effect on July 1, 2030.