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2014 SESSION

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SB 107 STEM education grant programs; Stem Education Fund created, etc.

Introduced by: William M. Stanley, Jr. | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED SENATE:

Grants for donations to science, technology, engineering, or math educational programs at qualified schools. Establishes a grant program beginning in 2014 for donations made by STEM organizations to qualified schools. The donations must be used by the qualified schools to support STEM programs. Qualified schools are public elementary and secondary schools where at least 40 percent of the students qualify for free or reduced lunch. Grants are capped at $50,000 per organization per year. The Department of Education would administer the program.

SUMMARY AS INTRODUCED:

Tax credits for donations to science, technology, engineering, or math educational programs at qualified schools. Establishes a tax credit beginning in taxable year 2014 through taxable year 2018 for donations made to STEM organizations. The tax-credit-derived funds must be used by the STEM organization to support STEM education at public schools in the Commonwealth that (i) have an individual school performance grade of C or below assigned by the Board of Education or (ii) are located in a locality with a population of 200,000 or less. The credit would equal 65 percent of the donation made by the taxpayer and may be carried forward for five years. The program would have a cap of $25 million per year. The Department of Education would administer the program.