H.R. 5340 · 111th Congress
Local Education Authority Returns Now Act
- Stage
- In committee
- Sponsor
- Scott Garrett
- Introduced
- 2010-05-19
- Latest action
- 2010-06-29 · Referred to the Subcommittee on Early Childhood, Elementary, and Secondary Education.
Summary
Local Education Authority Returns Now Act - Requires the Secretary of the Treasury to make an annual determination of states that have chosen to opt-out of K-12 education grant programs.
Requires the Secretary of Education to determine credits due to states as opt-out state education amounts.
Amends the Internal Revenue Code to allow individual taxpayers in states that opt-out a refundable tax credit for a share of the opt-out amount creditable to such states.