H.R. 2097 — Education, Achievement, and Opportunity Act

This section declares congressional findings that (1) private schools supplement the public school system and are a vital component of the nation's school network and (2) parents have the right to choose the public or private school best meeting their child's needs.

This section establishes a new refundable tax credit under new IRC §36C of up to $10,000 per qualifying child (as defined in IRC §24(c)) for qualified elementary and secondary education expenses paid during the taxable year. Qualified education expenses include (1) tuition and fees required for enrollment or attendance at a qualified educational institution (i.e., any public, charter, private, parochial, or religious school providing elementary or secondary education, without regard to religious character) and (2) specified non-tuition expenses not exceeding $1,500 (e.g., computers, educational software, books, academic tutoring, special needs services for children with disabilities as defined in 20 U.S.C. §1401(3), school-provided transportation fees, and academic testing services), excluding nonacademic fees such as for athletics or uniforms. The credit phases out (but not below zero) by $50 for each $1,000 (or fraction thereof) that modified adjusted gross income exceeds $75,000 ($150,000 for joint returns) and is reduced by any tax-free Coverdell education savings account distributions. The provision applies to taxable years beginning after enactment.