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Tax Credit for Tuition and Education Expenses for Children

This act introduces a new tax credit allowing parents to reclaim a portion of money spent on their children's education in public or private schools. Families can receive up to $10,000 per child annually, aiming to facilitate school choice and reduce financial burdens associated with education.
Key points
Parents can receive a tax credit for tuition and other educational expenses (e.g., books, tutoring, school transportation) up to $10,000 per qualifying child.
The credit applies to both public and private schools, including religious schools, offering parents greater freedom in choosing an educational institution.
The credit amount will be reduced for higher-income families, starting at $150,000 for joint filers and $75,000 for others.
The changes will apply to tax years beginning after the act's enactment date, meaning benefits will be available soon after its passage.
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Additional Information
Print number: 118_HR_609
Sponsor: Rep. Smith, Christopher H. [R-NJ-4]
Process start date: 2023-01-27