Signed by Governor Dennis Daugaard

Vote Smart's Synopsis:

Vote to pass a bill that authorizes an insurance company to claim tax credits for a contribution to private school scholarships.

Highlights:

• Authorizes an insurance company to claim a tax credit of up to 80 percent of contributions made to a “scholarship granting organization” in the previous taxable year, up to $2 million, effective fiscal year 2017 (Sec. 2).

• Defines “scholarship granting organization” as a nonprofit organization that provides grants to cover all or part of the tuition of an accredited private school for a student whose annual household income is less than 150 percent of the income standard for reduced-price lunches (Sec. 1).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that authorizes an insurance company to claim tax credits for a contribution to private school scholarships.

Highlights:

• Authorizes an insurance company to claim a tax credit of up to 80 percent of contributions made to a “scholarship granting organization” in the previous taxable year, up to $2 million, effective fiscal year 2017 (Sec. 2).

• Defines “scholarship granting organization” as a nonprofit organization that provides grants to cover all or part of the tuition of an accredited private school for a student whose annual household income is less than 150 percent of the income standard for reduced-price lunches (Sec. 1).

Full Bill Text