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Tax Credits for Education and Workforce Training Scholarships

This act introduces new tax credits for individuals and corporations who contribute to scholarships for elementary and secondary students, as well as for workforce training. This allows citizens to receive a tax reduction while helping to fund education and professional development for others. The goal is to increase access to various forms of education and training.
Key points
Individuals can receive a tax credit for contributions to scholarships for elementary and secondary education.
Individuals and corporations can receive a tax credit for contributions to scholarships for vocational education, workforce development, and apprenticeship training.
Scholarships received will not be considered taxable income for students or their parents, nor will they affect eligibility for other federal programs.
A web portal will be established to facilitate contributions and pre-approval for tax credits.
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Additional Information
Education Freedom Scholarships and Opportunity Act
Print number: S 43
Sponsor: Sen. Cruz, Ted [R-TX]
Process start date: 2021-01-26