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 new Section 63-3029N outlines the definitions of eligible students, qualified expenses, and the administration of the tax credit, which can be up to $5,000 for eligible students and $7,500 for students with disabilities. The bill also mandates that the state tax commission create application forms, set application periods, and prioritize applications based on income and previous credit receipt.

Additionally, the bill introduces the Idaho Parental Choice Tax Credit Advance Payment Fund, which will be used to manage the funds for advance payments under the program. This fund will consist of legislative appropriations, donations, and interest earned, and will be continuously appropriated for the tax credit program. The bill includes provisions for severability, ensuring that if any part is deemed invalid, the remaining sections will still be enforceable. It declares an emergency, making the act effective immediately upon passage and retroactively applicable from January 1, 2025.