This bill establishes the Idaho Parental Choice Tax Credit, allowing parents with a taxable income not exceeding three hundred percent of the federal poverty level to request an advance payment of the tax credit to cover qualified educational expenses for their children. The credit is designed for parents of eligible students who are not enrolled in public schools and includes provisions for a refundable tax credit of up to $5,000 for qualified expenses incurred during the tax year. The bill outlines definitions for terms such as "eligible student," "qualified expenses," and the application process, which includes a priority system for applicants based on income and previous credit claims.

Additionally, the bill creates the Idaho Parental Choice Tax Credit Advance Payment Fund, which will be administered by the state tax commission and funded through legislative appropriations, donations, and interest earned. The act includes provisions for severability, ensuring that if any part of the law is found invalid, the remaining sections will still be enforceable. The bill is declared an emergency measure, taking effect immediately upon passage and retroactively applying to January 1, 2025.