This bill establishes the Idaho Parental Choice Tax Credit, aimed at providing financial relief to parents and legal guardians who choose educational options outside of public schooling for their children. The new Section 63-3029N of the Idaho Code outlines the parameters of the tax credit, which allows for a refundable credit of up to $9,500 for qualified expenses incurred on behalf of a qualifying child not enrolled in public education. The bill defines "qualified expenses" to include tuition, educational materials, transportation, and other related costs, while also specifying eligibility criteria for both the child and the expenses claimed.

Additionally, the bill includes provisions to ensure that the tax credit does not constitute taxable income and establishes a cap of $250 million on the total amount of credits authorized in any given tax year. It mandates that the state tax commission will oversee the administration of the credit, including audits and the publication of cumulative credit claims. The legislation also emphasizes that it does not grant any government agency control over nonpublic schools or alter the responsibilities of parents regarding their children's education. The act is declared to be effective immediately upon passage and retroactively applicable from January 1, 2025.