Monday, Mar 02, 2015

apple-on-books-on-teachers-desktopThis school choice initiative allows corporations and individuals to receive a dollar-for-dollar state income tax credit for donations to organizations that offer scholarships to low- and middle-income children to attend private schools.

The Qaulity Schools Tax Act also would increase the state's Education Expense Tax Credit from $500 to $750.

(Parents and guardians of public and private K-12 school children are currently allowed a credit of 25 percent of a student's qualified education expenses — such as tuition, books, and lab fees — after the first $250. The total annual credit may not exceed $500, regardless of the number of students.)

The total for both of these provisions would be capped at $100 million annually.

The Quality Schools Tax Credit is not currently assigned to any legislation, but we are working towards getting it included in the final budget negotiations. We will keep you updated on its progress throughout the session.