How SB 1445 changes current law

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

This bill establishes the Pennsylvania Learning Investment Tax Credit Program, providing tax credits for eligible educational expenses.

• The act of April 9, 1929 (P.L.343, No.176)

  ARTICLE XVI-Y.1 PENNSYLVANIA LEARNING INVESTMENT TAX CREDIT PROGRAM Section 1601-Y.1. Scope of article. This article relates to the Pennsylvania Learning Investment Tax Credit Program. Section 1602-Y.1. Definitions. The following words and phrases when used in this article shall have the meanings given to them in this section unless the context clearly indicates otherwise: [...] Section 1603-Y.1. Credit for learning investment expenses. (a) Creation of tax credit.--For each taxable year beginning after December 31, 2024, a taxpayer with an annual income not exceeding 300% of the area median gross income for the taxpayer's area of residence, adjusted for family size, shall be allowed a tax credit against the tax imposed under Article III of the Tax Reform Code of 1971 for each eligible child who is not enrolled in a public school for the taxable year to be used for qualified learning expenses. [...]

  This addition creates a new article specifically for the Learning Investment Tax Credit Program, establishing parameters for tax credits related to educational expenses.