Educational Opportunities Act

Summary

Educational Opportunities Act - Amends the Internal Revenue Code to allow individual taxpayers a tax credit for charitable contributions to a scholarship granting organization. Allows a maximum credit amount of $4,500 ($2,250 for a married individual filing a separate return). Defines "scholarship granting organization" as a tax-exempt entity whose exclusive purpose is to provide scholarships for the tuition and other expenses of elementary and secondary school students from low income households (i.e., household income not exceeding 250% of federal poverty guidelines). Allows corporate taxpayers a tax credit, up to $100,000, for contributions to a scholarship granting organization. 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.

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Timeline

1. 13 February 2013

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 13 February 2013

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 13 February 2013 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 13 February 2013

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 13 February 2013

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 13 February 2013

  Open at official source

Sponsors

• Sen. Rubio, Marco [R-FL] · R · Sponsor
• · ssfi00 · Standing

Related records

• related to → Educational Opportunities Act