S.1813

Federal SB1813 allows a tax credit for donations to eligible charter school organizations for creating or expanding charter schools.

Federal SB1813, the High-Quality Charter Schools Act, amends the Internal Revenue Code to allow a tax credit for charitable donations to eligible charter school organizations for the creation or expansion of charter schools. The credit is equal to 75% of the amount of qualified contributions made by the taxpayer during the taxable year. Contributions must be made in cash or marketable securities and are subject to a volume cap of $5 billion annually. The credit is limited to the greater of 10% of the taxpayer's adjusted gross income or $5,000.