Vote Smart's Synopsis:

Vote to override a veto of a bill that establishes an education tax credit for businesses that donate to organizations offering scholarships.

Highlights:

• Authorizes businesses to claim a tax credit equal to 85 percent of their contribution to a scholarship organization in order to reduce their business profits and/or business enterprise taxes (Sec. 4).

• Authorizes scholarships funds to be used for students to (Sec. 4):
• Attend a nonpublic school;
• Attend a public school outside of the school district in which the student resides; or
• Cover home school expenses.

• Specifies that students eligible for scholarships must meet the following criteria (Sec. 4):
• New Hampshire resident;
• At least 5 years of age;
• No more than 20 years of age;
• Has not yet graduated high school;
• Currently attending a New Hampshire public school;
• The student would have received from the state an “adequate” education grant if they were staying in the public school they are attending; and
• Has an annual household income of less than or equal to 300 percent of the federal poverty guideline.

• Requires organizations seeking approval as scholarship organizations to submit an application to the Department of Revenue annually (Sec. 4).

• Requires businesses to submit an application for an education tax credit to the Department of Revenue each year (Sec. 4).

• Prohibits a business from specifying that the contribution be used for a specific student or a specific nonpublic school (Sec. 4).

• Prohibits the average value of all scholarships awarded by a scholarship organization, excluding scholarships for home school purposes from exceeding $2,500 each (Sec. 4).

• Prohibits the academic expenses of home-schooled student from exceeding $650 each (Sec. 4).

• Prohibits students from receiving scholarships from more than one scholarship organization annually (Sec. 4).

• Specifies that the total amount of tax credits issued by the Department of Revenue shall not exceed $3.4 million for the first fiscal year of the program (Sec. 4).

Full Bill Text

Vetoed by Governor John Lynch

Vote Smart's Synopsis:

Vote to override a veto of a bill that establishes an education tax credit for businesses that donate to organizations offering scholarships.

Highlights:

• Authorizes businesses to claim a tax credit equal to 85 percent of their contribution to a scholarship organization in order to reduce their business profits and/or business enterprise taxes (Sec. 4).

• Authorizes scholarships funds to be used for students to (Sec. 4):
• Attend a nonpublic school;
• Attend a public school outside of the school district in which the student resides; or
• Cover home school expenses.

• Specifies that students eligible for scholarships must meet the following criteria (Sec. 4):
• New Hampshire resident;
• At least 5 years of age;
• No more than 20 years of age;
• Has not yet graduated high school;
• Currently attending a New Hampshire public school;
• The student would have received from the state an “adequate” education grant if they were staying in the public school they are attending; and
• Has an annual household income of less than or equal to 300 percent of the federal poverty guideline.

• Requires organizations seeking approval as scholarship organizations to submit an application to the Department of Revenue annually (Sec. 4).

• Requires businesses to submit an application for an education tax credit to the Department of Revenue each year (Sec. 4).

• Prohibits a business from specifying that the contribution be used for a specific student or a specific nonpublic school (Sec. 4).

• Prohibits the average value of all scholarships awarded by a scholarship organization, excluding scholarships for home school purposes from exceeding $2,500 each (Sec. 4).

• Prohibits the academic expenses of home-schooled student from exceeding $650 each (Sec. 4).

• Prohibits students from receiving scholarships from more than one scholarship organization annually (Sec. 4).

• Specifies that the total amount of tax credits issued by the Department of Revenue shall not exceed $3.4 million for the first fiscal year of the program (Sec. 4).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that establishes a tax credit for businesses that contribute to educational scholarship organizations.

Highlights:

• Authorizes businesses to claim a tax credit equal to 85 percent of their contribution to a scholarship organization in order to reduce their business profits and/or business enterprise taxes (Sec. 4).

• Authorizes scholarships funds to be used for students to (Sec. 4):
• Attend a nonpublic school;
• Attend a public school outside of the school district in which the student resides; or
• Cover home school expenses.

• Specifies that students eligible for scholarships must meet the following criteria (Sec. 4):
• New Hampshire resident;
• At least 5 years of age;
• No more than 20 years of age;
• Has not yet graduated high school;
• Currently attending a New Hampshire public school;
• The student would have received from the state an “adequate” education grant if they were staying in the public school they are attending; and
• Has an annual household income of less than or equal to 300 percent of the federal poverty guideline.

• Requires organizations seeking approval as scholarship organizations to submit an application to the Department of Revenue annually (Sec. 4).

• Requires businesses to submit an application for an education tax credit to the Department of Revenue each year (Sec. 4).

• Prohibits a business from specifying that the contribution be used for a specific student or a specific nonpublic school (Sec. 4).

• Prohibits the average value of all scholarships awarded by a scholarship organization, excluding scholarships for home school purposes from exceeding $2,500 each (Sec. 4).

• Prohibits the academic expenses of home-schooled student from exceeding $650 each (Sec. 4).

• Prohibits students from receiving scholarships from more than one scholarship organization annually (Sec. 4).

• Specifies that the total amount of tax credits issued by the Department of Revenue shall not exceed $3.4 million for the first fiscal year of the program (Sec. 4).

Full Bill Text