Repeals the school tuition organization tax credit effective July 1, 2031.

This bill repeals the school tuition organization (STO) tax credit available against individual and corporate income taxes. The repeal takes effect on July 1, 2031. The bill also prohibits STOs from issuing tax credit certificates for contributions made on or after July 1, 2025. The bill reduces the total amount of approved STO tax credits for calendar year 2025 from $20 million to $10 million due to the repeal occurring at the midpoint of the tax year.

Repeals the school tuition organization tax credit effective July 1, 2031.

This bill repeals the school tuition organization (STO) tax credit available against individual and corporate income taxes. The repeal takes effect on July 1, 2031. The bill also prohibits STOs from issuing tax credit certificates for contributions made on or after July 1, 2025. The bill reduces the total amount of approved STO tax credits for calendar year 2025 from $20 million to $10 million due to the repeal occurring at the midpoint of the tax year.