S. 148 · 115th Congress
Educational Opportunities Act
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
RubioSponsorNo cosponsors.
This bill amends the Internal Revenue Code to allow 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).
What it does: CRS summary · Introduced in Senate · Jan 17, 2017
Educational Opportunities Act
This bill amends the Internal Revenue Code to allow 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Educational Opportunities Act
Latest action (Jan 17, 2017): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Jan 17, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.