This bill proposes a non-refundable gross income tax credit for taxpayers who incur certain expenses related to homeschooling their children or dependents. Taxpayers with a gross income not exceeding $150,000 can claim a credit equal to their qualified homeschool expenses, capped at $1,000 per child or dependent, with a maximum credit of $3,000 per taxpayer per taxable year. The bill defines "qualified homeschool expenses" to include costs for educational textbooks, workbooks, teaching software, curriculum rental fees, and library memberships, while explicitly excluding expenses for setting up a home school, consumable supplies, and internet service fees. Additionally, married couples filing separately can each claim half of the credit for jointly incurred expenses.

The intent of the bill is to support parents and guardians who invest in the education of their homeschooled children, recognizing the financial burden they face in providing quality educational resources. By offering this tax credit, the State aims to promote educational opportunities for all children, regardless of their educational method, thereby fostering a more equitable educational landscape. The bill is set to take effect immediately and will apply to taxable years beginning on or after January 1 following its enactment.