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A bill to amend the Internal Revenue Code of 1986 to modify the credit amount for qualified elementary and secondary education scholarships.
To amend the Internal Revenue Code of 1986 to modify the credit amount for qualified elementary and secondary education scholarships.
Summary
- Sets the maximum tax credit for qualified elementary and secondary education scholarships at $1,700 per individual ($3,400 for joint returns).
- Implements an annual inflation adjustment to the credit amount beginning in 2027, based on cost-of-living changes.
- Rounds any inflation adjustment to the nearest $50.
- Requires the Treasury Secretary to publish the adjusted credit limit each year by November 1.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
Actions (2)
- Aug 6, 2026 Read twice and referred to the Committee on Finance. · senate
- Aug 6, 2026 Introduced in Senate
Text versions (1)
Bills are re-published as they move (Introduced → Reported → Engrossed → Enrolled …). Each stage below is a separate text; pick two to see what changed. Data from Congress.gov.
Full text
IN THE SENATE OF THE UNITED STATES
August 6, 2026
Mrs. Hyde-Smith introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to modify the credit amount for qualified elementary and secondary education scholarships.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Federal Tax Credit Scholarship Improvement Act”.
SEC. 2. TREATMENT OF JOINT RETURNS; INFLATION ADJUSTMENT.
(a) In General.—Paragraph (1) of section 25F(b) of the Internal Revenue Code of 1986 is amended to read as follows:
“(1) Dollar limitation.—For purposes of this section—
“(A) In general.—The credit allowed under subsection (a) to any taxpayer for any taxable year shall not exceed the applicable amount (twice such amount in the case of a joint return).
“(B) Applicable amount.—The applicable amount is $1,700.
“(C) Adjustment for inflation.—
“(i) In general.—In the case of a taxable year beginning after December 31, 2026, the $1,700 amount under subparagraph (B) shall be increased by an amount equal to—
“(I) such amount, multiplied by
“(II) the cost-of-living adjustment determined under section 1(f)(3) by substituting ‘calendar year 2025’ for ‘calendar year 2016’ in subparagraph (A)(ii) thereof.
“(ii) Rounding.—If any increase determined under clause (i) is not a multiple of $50, such increase shall be rounded to the nearest multiple of $50.
“(iii) Publication of adjusted amount.— Not later than November 1 of each calendar year, the Secretary shall publish the adjusted limitation applicable for the following taxable year.”.
(b) Effective Date.—The amendment made by this section shall apply to taxable years beginning after December 31, 2025. <all>
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