Sec. 501. Educational opportunity tax credit
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Subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 25D the following new section: In the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the qualified elementary and secondary education expenses of an eligible student. The amount taken into account under subsection
(a)with respect to any student for any taxable year shall not exceed $5,000. For purposes of this section— The term qualified elementary and secondary education expenses has the meaning given such term under section 530(b)(3). The term eligible student means any student who— is enrolled in, or attends, any public, private, or religious school (as defined in section 530(b)(3)(B)), and whose principal residence (within the meaning of section 123) is located in an Economic Freedom Zone. The term Economic Freedom Zone means any area which is an Economic Freedom Zone under title II of the Economic Freedom Zone Act. . The table of sections for subpart A of part IV of subchapter A of chapter 1 of such Code is amended by inserting after the item relating to section 25D the following new item: Sec. 25E. Credit for qualified elementary and secondary education expenses. . The amendments made by this section shall apply to expenditures made in taxable years beginning after the date of the enactment of this Act.