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US SB292
Bill
AI Summary
- Creates a federal tax credit for individuals donating to scholarship granting organizations (SGOs), with credits capped at the greater of 10% of adjusted gross income or $5,000 per taxpayer
- Corporations can claim a tax credit of up to 5% of taxable income for contributions to SGOs that fund K-12 scholarships
- Establishes a $10 billion annual volume cap starting in 2026, with 10% reserved for equal distribution among states and automatic 5% increases in years when 90% or more of the cap is used
- Limits scholarship eligibility to students from households earning no more than 300% of area median income, covering expenses including tuition, curricula, tutoring, testing fees, and educational therapies at public, private, religious, or home schools
- Prohibits federal, state, or local governments from controlling participating SGOs or private/religious schools, and explicitly protects faith-based institutions from exclusion or discrimination based on religious character
Legislative Description
Educational Choice for Children Act of 2025
Taxation
Last Action
Read twice and referred to the Committee on Finance.
1/29/2025
Committee Referrals
Finance1/29/2025
Full Bill Text
No bill text available