H.R.2798

Allows a tax credit for charitable donations to eligible charter school organizations for the creation or expansion of charter schools.

The High-Quality Charter Schools Act amends the Internal Revenue Code to allow a tax credit for charitable donations to eligible charter school organizations. The credit is equal to 75 percent of the amount of qualified contributions made by the taxpayer during the taxable year. Eligible charter school organizations must be exempt from tax under section 501(a) and not a private foundation. The act also includes provisions for a volume cap on tax credits, a carryover of unused credits, and a requirement for annual financial and compliance audits.