S5322Referred to Committee

Federal Tax Credit Scholarship Improvement Act

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Introduced
In Committee
3
Passed One Chamber
4
Passed Both
5
Signed into Law
119th
Congress
2026-08-06
Introduced
0
Cosponsors
S
ⓘ
Type

Sponsor

Cindy Hyde-Smith
Cindy Hyde-Smith
Republican · MS · Senator
Votes with party: 76.3% (873 recorded votes)
Top industries funding sponsor:
  • Conservative Groups$9,865k

Full profile: /officials/H001079

Source: Congress.gov · FEC

Cosponsors (0)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

No cosponsors on record. Bills can pass without cosponsors — this often means the sponsor introduced the bill alone, either because it's a messaging bill, a chairman's mark, or simply early in the legislative cycle.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Read twice and referred to the Committee on Finance.

2026-08-06

Source: Congress.gov

Committee Activity

Currently in

Plain-English Summary

Plain-English summary pending. Introduced on 2026-08-06. Check back soon — summaries are generated as bills progress through Congress.

Subjects

Taxation

Full Bill Text

Verbatim text published on Congress.gov via GovInfo. Use Cmd+F / Ctrl+F to search within this excerpt.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 5322 Introduced in Senate (IS)] <DOC> 119th CONGRESS 2d Session S. 5322 To amend the Internal Revenue Code of 1986 to modify the credit amount for qualified elementary and secondary education scholarships. _______________________________________________________________________ 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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