What is the official ID of this bill?
The official print number for this legislation is HR 889.
Tax Credits for K-12 Education Scholarships.
This act introduces new tax credits for individuals and corporations who contribute to scholarships for elementary and secondary students. The goal is to support education through scholarship-granting organizations, potentially helping families cover educational expenses, including private school tuition.
Key points
Individuals can receive a tax credit up to 10% of their adjusted gross income for contributions to education scholarships.
Corporations can receive a tax credit up to 5% of their taxable income for contributions to education scholarships.
Scholarships can be used for elementary and secondary education expenses, including career and technical education.
Scholarship amounts are not considered income for federal tax purposes or for determining eligibility for other federal programs.
The act sets an annual national cap of $5 billion on total tax credits, allocated among states with a focus on lower-income areas.
A web portal will be established to facilitate contributions and tax credit pre-approvals.
Status:
Expired
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