3.0.0 148 2023-01-11T13:34:07Z 2023-01-11T13:34:07Z Senate S 2017-01-17 115 ssfi00 Finance Committee Senate Standing Referred to 2017-01-17T20:25:48Z Educational Opportunities Act 115 895 HR 2017-02-06 Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. Related bill CRS 2017-01-17 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2017-01-17 Introduced in Senate IntroReferral 10000 9 Library of Congress R000595 Sen. Rubio, Marco [R-FL] Marco Rubio R FL N Taxation Charitable contributions Elementary and secondary education Income tax credits Sales and excise taxes Social work, volunteer service, charitable organizations Student aid and college costs Taxation 00 2017-01-17 Introduced in Senate 2017-02-28T21:21:14Z Educational Opportunities Act

This bill amends the Internal Revenue Code to allow individual taxpayers a tax credit for charitable contributions to a scholarship granting organization. The bill allows a maximum credit amount of $4,500 ($2,250 for a married individual filing a separate return). A "scholarship granting organization" is a tax-exempt entity whose exclusive purpose is to provide scholarships for the tuition and other education expenses of elementary and secondary school students from low income households (i.e., household income not exceeding 250% of federal poverty guidelines).

The bill allows corporate taxpayers a tax credit, up to $100,000, for contributions to a scholarship granting organization.

It also imposes a penalty on scholarship granting organizations that fail to distribute at least 90% of their total receipts for elementary and secondary school expenses in a taxable year.

]]> Educational Opportunities Act Display Title Educational Opportunities Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to allow a credit against tax for qualified elementary and secondary education tuition. Introduced in Senate IS Short Titles as Introduced Educational Opportunities Act Introduced in Senate 2017-01-17T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s148is/xml/BILLS-115s148is.xml 2017-01-17 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.