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2005 SESSION
HB 1942 Children At Risk in Education (CARE) Scholarship Tax Credit; created.
Introduced by: Christopher B. Saxman | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED HOUSE:
Children At Risk in Education Tax Credit. Creates a tax credit to promote educational opportunities for children who are at risk of educational failure. Tax credits will be awarded to business entities for eligible contributions made to eligible nonprofit tuition assistance grant funding organizations. The amount of the credit is 25 percent of the eligible contribution, but may not exceed 75 percent of the tax liability of the business entity. The contributions may be awarded as grants for students' tuition in public and nonpublic schools. There is a $6 million cap on total tax credits awarded annually. The credit would be effective for taxable years beginning on and after January 1, 2006.
SUMMARY AS INTRODUCED:
Children At Risk in Education Tax Credit. Creates a tax credit to promote educational opportunities for children who are at risk of educational failure. Tax credits will be awarded to business entities for eligible contributions made to eligible nonprofit tuition assistance grant funding organizations. The amount of the credit is 25 percent of the eligible contribution, but may not exceed 75 percent of the tax liability of the business entity. The contributions may be awarded as grants for students' tuition in public and nonpublic schools. There is a $2 million cap on total tax credits awarded annually. The credit would be effective for taxable years beginning on and after January 1, 2006.