H.R.5340 - Local Education Authority Returns Now Act111th Congress (2009-2010)
Summary: H.R.5340 — 111th Congress (2009-2010)
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.