Vote Smart's Synopsis:

Vote to pass a bill that establishes a tax credit scholarship program.

Highlights:

• Establishes the Partners in Education Tax Credit Program, which authorizes an insurance company to claim credit for no more than 90 percent of its contributions to a “scholarship and grant funding organization” (Sec. 2).

• Defines “scholarship and grant funding organization” as a nonprofit organization that provides educational scholarships to an “eligible student” for the purpose of covering all or part of the tuition and fees at a qualifying school, and instructional supply grants to classroom teachers and parents of children receiving alternative instruction (Sec. 1).

• Defines “eligible student” as a student who meets certain requirements, including, but not limited to, the following requirements (Sec. 1):
• The student is a member of a household whose total income for the previous year did not exceed 150 percent of the income standard used to qualify for free or reduced lunch; and
• The student resides in the state while receiving the scholarship.

• Requires a scholarship and grant funding organization to ensure that certain requirements are met, including, but not limited to, the following requirements (Sec. 4):
• At least 90 percent of its revenue from contributions is spent on educational scholarships and instructional supply grants, including revenue from interest or investments; and
• An annual instructional supply grant of an equal amount is provided to each classroom teacher and eligible parent of children receiving alternative instruction.

• Specifies that the tax credit may be claimed beginning in fiscal year 2017 (Sec. 15).

Full Bill Text