H.R.5340 - Local Education Authority Returns Now Act111th Congress (2009-2010)
|Sponsor:||Rep. Garrett, Scott [R-NJ-5] (Introduced 05/19/2010)|
|Committees:||House - Ways and Means; Education and Labor|
|Latest Action:||06/29/2010 Referred to the Subcommittee on Early Childhood, Elementary, and Secondary Education. (All Actions)|
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Summary: H.R.5340 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (05/19/2010)
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.