To amend the Internal Revenue Code of 1986 to establish tax credits to encourage individual and corporate taxpayers to contribute to scholarships for students through eligible scholarship-granting organizations and eligible workforce training organizations, and for other purposes.
About This Bill
Committee
Latest Action · January 24, 2023
Read twice and referred to the Committee on Finance.
Education Freedom Scholarships and Opportunity Act
This bill allows individual and corporate taxpayers a tax credit for cash contributions to certain scholarship-granting and workforce training organizations. It imposes a cap of $10 billion on the sum of contributions that qualify for a tax credit under this bill.
The bill requires the Department of Education, in coordination with the Departments of the Treasury and Labor, to establish, host, and maintain a web portal that (1) lists all eligible scholarship-granting and workforce training organizations; (2) enables contributions to such organizations; (3) provides information about the benefits of this bill; and (4) enables a state to submit and update information about its programs and educational organizations, including information on student eligibility and allowable educational expenses.
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