Maryland SB329 establishes a process for certifying nonprofit scholarship granting organizations and reporting them to the federal government.

Maryland SB329 creates a framework for the Department of Assessments and Taxation to approve and certify nonprofit organizations as scholarship granting organizations. These organizations must be organized under state law, provide scholarships to eligible students, and submit annual financial statements and program reports. The Department must annually list these organizations for the U.S. Department of the Treasury. The Comptroller is required to provide online guidance for taxpayers to claim federal income tax credits for contributions to these organizations.

Maryland SB329 establishes a process for certifying nonprofit scholarship granting organizations and reporting them to the federal government.

Maryland SB329 creates a framework for the Department of Assessments and Taxation to approve and certify nonprofit organizations as scholarship granting organizations. These organizations must be organized under state law, provide scholarships to eligible students, and submit annual financial statements and program reports. The Department must annually list these organizations for the U.S. Department of the Treasury. The Comptroller is required to provide online guidance for taxpayers to claim federal income tax credits for contributions to these organizations.