Vote Smart's Synopsis:

Vote to pass a bill that establishes tax deductions for individuals and corporations that donate to scholarship foundations for 5 years beginning January 1, 2013.

Highlights:

• Establishes that an individual or corporation may be eligible for a tax deduction of up to 65 percent of the monetary donation made to a scholarship foundation in a single fiscal year (Sec. 1).

• Limits tax deductions to donations of more than $500 (Sec. 1):

• Individuals or married couples may not receive tax deductions in a single fiscal year of more than $50,000.

• Limits tax deductions in a single fiscal year to no more than $25 million (Sec. 1).

• Requires a scholarship foundation to disburse each donation for which a tax deduction may be received to the following (Sec. 1):

• Students whose family’s annual household income is less than 300 percent of the current poverty guidelines; or

• Eligible students with a disability:

• Classified by the federal Individuals with Disabilities Education Act; and

• Whose family's annual household income is less than 400 percent of the current poverty guidelines.

Full Bill Text