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HB 1607 - Establishes a Tax Credit for Businesses that Donate to Certain Scholarship Funds - New Hampshire Key Vote

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Title: Establishes a Tax Credit for Businesses that Donate to Certain Scholarship Funds

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).

NOTE: A TWO-THIRDS MAJORITY OF THOSE PRESENT AND VOTING IS REQUIRED TO OVERRIDE A GOVERNOR'S VETO.

Title: Establishes a Tax Credit for Businesses that Donate to Certain Scholarship Funds

See How Your Politicians Voted

Title: Establishes a Tax Credit for Businesses that Donate to Certain Scholarship Funds

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).

See How Your Politicians Voted

Title: Establishes a Tax Credit for Businesses that Donate to Certain Scholarship Funds

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).

Title: Establishes a Tax Credit for Businesses that Donate to Certain Scholarship Funds

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