Vote Smart's Synopsis:

Vote to pass a bill that authorizes tax credits for qualified scholarship contributions in Alabama.

Highlights:

• Authorizes the State of Alabama to participate in the federal tax credit for individuals who make contributions to scholarship organizations (Sec. 1). 

• Requires the Department of Revenue to annually submit to the U.S. Secretary of the Treasury, publishing all of the scholarship contributions that meet the requirements and are located in the state of Alabama (Sec. 1). 

• Requires the state to ensure that they are applicable for the federal regulations or guidance to ensure that the state is eligible to participate in taxable years beginning after December 31, 2026 (Sec.1). 

• Specifies that the act becomes effective immediately (Sec. 2).

Full Bill Text