Revenue and taxation; increase annual aggregate limit for tax credits available for certain contributions to student scholarship organizations

The header was changed from a committee offer statement to a formal 'Committee Substitute' title, explicitly listing the sponsors (Representatives Carpenter, Hilton, Carson, Ridley, Gaines, and others) to clarify authorship.

The summary of the bill's purpose in Section 1 was edited to remove the phrase 'to provide that such credits shall not carry forward,' resulting in a slightly shorter list of legislative intents without altering the actual law.

Replaced fixed annual dollar caps with a new rule limiting business credits to 6% of the total aggregate tax credits allowed for the year.

Reduced the maximum tax credit amount allowed for insurance companies from $1 million to $600,000 (75% of the previous $800,000 limit).

Eliminated the provision allowing taxpayers to carry forward unused tax credits to future years.

Extended the time allowed for taxpayers to make contributions to scholarship organizations after receiving preapproval from 60 days to 120 days.

Added a requirement for scholarship organizations to file annual reports detailing any fees or assessments retained during the calendar year.

Added a protection clause preventing the department from penalizing donors if a scholarship organization is later removed from the official list after a donation was preapproved.