H.R.895 - Educational Opportunities Act115th Congress (2017-2018) |
|Sponsor:||Rep. Rokita, Todd [R-IN-4] (Introduced 02/06/2017)|
|Committees:||House - Ways and Means; Education and the Workforce|
|Latest Action:||House - 02/06/2017 Referred to House Education and the Workforce (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.895 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (02/06/2017)
Educational Opportunities Act
This bill amends the Internal Revenue Code to allow 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.