The bill amends the Fiscal Code of Pennsylvania to introduce the Pennsylvania Learning Investment Tax Credit Program, which aims to provide financial assistance to families with children not enrolled in public schools. Under the new provisions, taxpayers with an annual income not exceeding 300% of the area median gross income will be eligible for a tax credit of $8,000 per eligible child for qualified learning expenses. These expenses can include tuition for nonpublic schools, educational materials, tutoring, and other related costs. The program is set to begin for taxable years starting after December 31, 2024.

Additionally, the bill outlines the process for claiming the tax credit, including documentation requirements and the option for taxpayers to receive the credit through direct deposit or certified mail. It establishes an annual cap of $300 million on the total amount of tax credits awarded, with provisions for increasing this cap in subsequent years if prior year claims reach a certain threshold. The Department of Revenue is tasked with monitoring the program and creating regulations for its implementation. The act will take effect 60 days after its passage.

Statutes/Laws affected:
Printer's No. 1915 (Aug 26, 2026): P.L.343, No.176