Section 15-30-3101 - [Terminates 12/31/2029] PurposePursuant to 5-4-104, the legislature finds that the purpose of student scholarship organizations is to provide parental and student choice in education with private donations through tax replacement programs. (Terminates December 31, 2029--sec. 20, Ch. 480, L. 2021, sec. 7, Ch. 558, L. 2023.)
Amended by Laws 2021, Ch. 480,Sec. 1, eff. 10/1/2021, and applicable to the income tax year beginning after December 31, 2021.Added by Laws 2015, Ch. 457, Sec. 7, eff. 1/1/2016, terminating 12/31/2023, termination extended to 12/31/2029 by Laws 2021, Ch. 480.See Laws 2015, Ch. 457, Sec. 33.Contingent termination -- legislative intent -- specific findings -- report to legislative finance committee. Laws 2021, Ch. 480,Sec. 10 provides: "(1) The legislature intends to provide the tax relief provided by [this act] while also preventing the loss of federal funds that are available to the state as part of the recently enacted American Rescue Plan Act, Public Law 117-2. The contingent termination provisions in subsections (2) through (5) are limited to the duration of time established by each subsection and are necessary based on the lack of information available to the legislature from the federal government at the time of enactment of [this act]."