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