Enacts GS 105-153.11, providing for a tax credit for each of a taxpayer's eligible dependent children who is a State resident and is enrolled in a home school that meets state law requirements for one or two semesters during the taxable year. Defines eligible dependent child. Sets the tax credit amount at $1,250 per semester. Details semester parameters for taxable years, and deems an eligible dependent child to be enrolled in a home school for a semester if the child is enrolled in that home school for more than 70 days during that semester. Disqualifies children who spent any time enrolled in public school in the semester, spent any time enrolled as a full-time student in a postsecondary education institution in the semester, was 22 years or older during the entire semester, or graduated from high school prior to the end of the semester. Lists information taxpayers must provide to the Secretary of Revenue upon request. Allows for refund of the credit pursuant to state law if the credit allowed exceeds taxes imposed, reduced by the sum of all credits allowed. Provides for nonrefundable credits to be subtracted before refundable credits in computing taxes against multiple credits. 

Directs the Department of Revenue to report to the specified NCGA committees on the administration of new GS 105-153.11 by December 1, 2022. Details required content of the report. 

Effective for taxable years beginning on or after January 1, 2021, and apply to semesters for which credit is claimed beginning on or after July 1, 2021.