Tax Credits for Donations Funding K-12 Educational Scholarships.
This law introduces new federal tax credits for individuals and corporations donating to non-profit organizations that provide K-12 scholarships. The goal is to fund educational choices for students from lower-income households (up to 300% of area median income). These scholarships can cover various educational expenses, including tuition at private and religious schools, and the scholarship funds received are tax-exempt for the student's family.
Key points
Individuals can claim a tax credit up to $5,000 for donations supporting K-12 student scholarships.
Scholarships are targeted at lower-income students and cover expenses like tuition, books, and tutoring for learning loss.
Scholarship funds received by families are excluded from taxable income.
The law explicitly prevents federal or state government control over participating private/religious schools or scholarship organizations.
Expired
Citizen Poll