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.
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- Critical Issues
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