Income tax; implement pilot program authorizing credit for educational expenses, awarded by lottery system.

An Act To Authorize An Income Tax Credit For Eligible Educational Expenses Paid By A Parent Or Legal Guardian On Behalf Of A Dependent K-12 Student; To Specify A Maximum Amount Of The Credit Per Student; To Provide That Any Unused Portion Of The Credit May Be Carried Forward For The Five Succeeding Tax Years; To Provide That The Amount Of The Credit That May Be Utilized In Any Tax Year Shall Not Exceed The Total State Income Tax Liability Of The Taxpayer For That Year; To Provide That The Aggregate Amount Of Tax Credits That May Be Awarded Under This Section In Any Calendar Year Shall Not Exceed $20,000,000.00; To Prescribe The Content Required In The Application For The Credit; To Provide That The Department Shall Establish A Lottery System For Selecting Taxpayers To Be Awarded The Credit; To Authorize The Department Of Revenue To Promulgate Regulations As Needed To Administer This Act; To Specify That This Act Creates A Pilot Program And That No Credits Shall Be Authorized Under This Act For Eligible Expenses Incurred In Any Calendar Year Other Than 2026; And For Related Purposes.