HB 1344 -- Tax Credit for Qualified Educational Expenses

Co-Sponsors:  Lograsso, Froelker

This bill authorizes a tax credit against income tax liability
of up to $500 for qualified postsecondary educational expenses,
paid at any public or private postsecondary institution offering
degrees in the liberal arts, humanities, sciences, or
professional vocational or technical fields.  The amount of the
tax credit cannot exceed the taxpayer's tax liability for the
year the credit is claimed.  "Qualified education expenses" paid
on behalf of the taxpayer, or on behalf of a dependent for whom
the taxpayer is allowed an income tax deduction, include
tuition, fees, housing, and books.  Qualified expenses also
include other expenses found by the Director of the Department
of Revenue through rules and regulations to be necessary to
pursuing an education.  The provisions of this bill are
effective January 1, 1999.