Alabama HB342 allows the state to participate in a federal tax credit for contributions to scholarship granting organizations.

Alabama HB342 provides for the state's participation in a federal tax credit for individuals making qualified contributions to scholarship granting organizations. The bill requires the Department of Revenue to annually submit a list of eligible organizations to the U.S. Secretary of the Treasury and publish it on their website. The Department must also certify its authority to comply with federal requirements, ensuring Alabama's eligibility for the tax credit in taxable years starting after December 31, 2026.

Alabama HB342 allows the state to participate in a federal tax credit for contributions to scholarship granting organizations.

Alabama HB342 provides for the state's participation in a federal tax credit for individuals making qualified contributions to scholarship granting organizations. The bill requires the Department of Revenue to annually submit a list of eligible organizations to the U.S. Secretary of the Treasury and publish it on their website. The Department must also certify its authority to comply with federal requirements, ensuring Alabama's eligibility for the tax credit in taxable years starting after December 31, 2026.