Bill No. SB5
Bill ID
1137384
State
US
Title
Educational Opportunities Act
Description
Educational Opportunities Act This bill allows individual taxpayers a tax credit for charitable contributions to a scholarship granting organization. The bill allows a maximum credit amount of $4,500 ($2,250 for a married individual filing a separate return). A "scholarship granting organization" is a tax-exempt entity whose exclusive purpose is to provide scholarships for the tuition and other education expenses of elementary and secondary school students from low-income households (i.e., household income not exceeding 250% of federal poverty guidelines). The bill allows corporate taxpayers a tax credit, up to $100,000, for contributions to a scholarship granting organization. It also imposes a penalty on scholarship granting organizations that fail to distribute at least 90% of their total receipts for elementary and secondary school expenses in a taxable year.
Bill Type
Bill
Category
Tax Credit Vouchers, DC/Federal
Session
116th Congress
Special Session
No Data Available
Current Status
Introduced
Status Last Updated
2019-01-03
Pending Committee
Calendar
No data available
Sponsors
Texts
Votes
No data available
Amendments
No data available
Supplements
No data available