Relates to a tuition tax credit; increases the amount of an allowable deduction (Part A); reduces income by the amount of interest paid for student loans (Part B).
Income tax credits: prohibiting claims for deduction from certain tax credit; providing exemption for certain tax credits received; parental choice tax credits, modifying income limitations; allowing certain credit to qualifying students; establishing credit amount for certain private schools; emergency.
Reduces the rates for the tax levied on individual income tax in favor of a flat tax and eliminates all individual income tax credits, deductions, exclusions, and exemptions