S. 447 · 117th Congress
Educational Opportunities Act
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
RubioSponsorNo cosponsors.
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).
What it does: CRS summary · Introduced in Senate · Feb 25, 2021
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.
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 (Feb 25, 2021): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Feb 25, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.