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Tax Credits for Education and Workforce Training Scholarships

This act introduces new tax credits for individuals and corporations contributing to scholarships for K-12 students and workforce training. This allows citizens to support education and professional development while reducing their income tax. These scholarships will not be considered income for students or their parents.
Key points
Individuals can receive a tax credit up to 10% of their adjusted gross income for educational scholarship contributions.
Corporations can receive a tax credit up to 5% of their taxable income for scholarship contributions.
Scholarships can be used for elementary and secondary education, vocational training, workforce development, and apprenticeship programs.
A web portal will be established to facilitate contributions and pre-approval for tax credits.
An annual national cap of $10 billion on tax credits, split between educational scholarships and workforce training.
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Status: Introduced
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Additional Information
Print number: 119_S_370
Sponsor: Sen. Cruz, Ted [R-TX]
Process start date: 2025-02-03