Tax Credit for Donations to Child Education Scholarships
This act creates a new tax credit for individuals and corporations who donate to organizations that provide scholarships for K-12 education. The goal is to help lower-income families cover education costs, giving them more school choice.
Key points
You can get a tax credit for donating to organizations that support school scholarships.
Scholarships are for students from households with income not exceeding 300% of the area median gross income.
Scholarship money can be used for qualified elementary and secondary education expenses.
The total amount of credits claimed nationwide is limited by an annual cap.
Scholarships received are not counted as taxable income for the student's family.
The act protects the independence of scholarship organizations and schools, including private and religious schools, from government control.
Expired
Additional Information
Print number: 117_S_4416
Sponsor: Sen. Cassidy, Bill [R-LA]
Process start date: 2022-06-16