Expands tax credit eligibility to individuals, increases credit cap, raises tax credit rate, and establishes scholarships for disadvantaged and pre-K.

This bill expands the eligibility for tax credits to include individuals, increases the annual credit cap by a percentage of unused credits, raises the tax credit rate percentage, and establishes scholarships of $750,000 for economically disadvantaged students and $250,000 for pre-K students. Contributions must be made in cash and can be carried forward for two years if unused. The tax credit is calculated based on the total voluntary cash contribution made by a business entity or individual. The bill also sets a cap on the total aggregate amount of all tax credits approved.

Expands tax credit eligibility to individuals, increases credit cap, raises tax credit rate, and establishes scholarships for disadvantaged and pre-K.

This bill expands the eligibility for tax credits to include individuals, increases the annual credit cap by a percentage of unused credits, raises the tax credit rate percentage, and establishes scholarships of $750,000 for economically disadvantaged students and $250,000 for pre-K students. Contributions must be made in cash and can be carried forward for two years if unused. The tax credit is calculated based on the total voluntary cash contribution made by a business entity or individual. The bill also sets a cap on the total aggregate amount of all tax credits approved.