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Tax Credit for K-12 Tuition and Education Expenses

This act introduces a new refundable tax credit to help parents offset the costs of elementary and secondary education for their children, whether in public or private schools. It aims to provide financial relief for families and greater flexibility in choosing the best educational environment for their child.
Key points
Parents can claim up to $10,000 per child annually for qualified education expenses.
The credit covers tuition, fees, and up to $1,500 for other expenses like books, tutoring, special needs services, and school transportation.
The credit amount will be reduced for higher-income families, starting at $150,000 for joint filers and $75,000 for others.
These changes will apply to tax years beginning after the act's enactment date.
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Additional Information
Print number: 117_HR_9320
Sponsor: Rep. Smith, Christopher H. [R-NJ-4]
Process start date: 2022-11-16