As reported by
DNA Info, yesterday, Illinois Gov. Bruce Rauner signed SB 1947 (
full text), a law overhauling education funding in the state. The bill includes provisions for up to $75 million in tax credits for a Scholarship Tax Credit Program described by
America magazine:
The program works by giving individuals or corporations who donate to scholarship-granting organizations a 75 percent tax credit on donations, worth up to $750,000. Under the law, up to $75 million in credits will be granted annually starting next fiscal year. The program will expire after five years unless lawmakers extend it.
Proponents say the program will help to provide scholarships for 6,000 to 10,000 students in religious and other private schools statewide. These scholarships must go to households with an annual income below 300 percent of the federal poverty level, or about $73,000 for a family of four.
[Thanks to Blog From the Capital for the lead.]
