S.447 - Educational Opportunities Act117th Congress (2021-2022) |
|Sponsor:||Sen. Rubio, Marco [R-FL] (Introduced 02/25/2021)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 02/25/2021 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.447 — 117th Congress (2021-2022)All Information (Except Text)
Introduced in Senate (02/25/2021)
Educational Opportunities Act
This bill allows 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.