The Keep Public Funds in Public Schools Act would eliminate a federal tax credit that currently allows individuals to reduce their taxes by donating to scholarship granting organizations. The bill also repeals a related tax provision that excludes scholarship money received through these organizations from an individual's taxable income. This legislation would primarily affect donors who contribute to these scholarship programs and students who benefit from them, as the tax incentives would be removed. The changes would take effect starting January 1, 2027, applying to tax years ending after that date. The bill aims to redirect educational funding back to public school systems by removing the tax advantages that encourage private scholarship donations.
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