Atlas Education Scholarship and Choice Initiative

[Emsworth]

Atlas Educational Scholarship and Choice Initiative

Section 1

Beginning in the fiscal year of 2006, the Treasury of the Republic of Atlasia shall activate a nonrefundable personal income tax credit valued at $500 per applicable dependent for the reimbursement of funds spent on the tuition of a K-to-12 school which is not a member of a government-sponsored public school district. 

Section 2

Beginning the fiscal year of 2006, the Treasury of the Republic of Atlasia shall activate a nonrefundable personal income tax credit for the donation of funds to an I.R.S. 501(c)3 K-to-12 scholarship clearing-house charity valued at 50 percent of the total annual donation.

Section 3   

Individual taxpayers shall be allowed to apply for both tax credits in 1.(a) and 1.(b) only if the credited return does not exceed their income tax liability for the fiscal year.

Section 4

For a taxpayer to receive the credit, they shall be required to enclose a standard receipt for each dependent from the applicable schools or charities.
Sponsor: Sen. King

[KEmperor]

Naso's bill, but for parents instead of schoolkids?

[King]

Naso's bill, but for parents instead of schoolkids?

Except this one makes sense and can save the Department of Education over $30 million a year + enroll 330,000 new students into private school through scholarship circuits.

[Bono]

I hope this won't affect the education grants I was planing on using to redecorate the Governor's Mansion.

Seriously though, this is a horrible idea.

[King]

I hope this won't affect the education grants I was planing on using to redecorate the Governor's Mansion.

Seriously though, this is a horrible idea.

How is this a horrible idea?

[Bono]

I hope this won't affect the education grants I was planing on using to redecorate the Governor's Mansion.

Seriously though, this is a horrible idea.

Educating bright students whose parents are poor is a bad idea?

When it's done with federal taxes, yes it is.

[King]

I hope this won't affect the education grants I was planing on using to redecorate the Governor's Mansion.

Seriously though, this is a horrible idea.

Educating bright students whose parents are poor is a bad idea?

When it's done with federal taxes, yes it is.

If you read, it is a tax credit that saves the government money by stimulating the activity and growth of scholarship organizations.  (aka I do not break my promise of not supporting any tax hikes)

[Bono]

I hope this won't affect the education grants I was planing on using to redecorate the Governor's Mansion.

Seriously though, this is a horrible idea.

Educating bright students whose parents are poor is a bad idea?

When it's done with federal taxes, yes it is.

If you read, it is a tax credit that saves the government money by stimulating the activity and growth of scholarship organizations.  (aka I do not break my promise of not supporting any tax hikes)

That's irrelevant because poor people don't have any taxes to use  tax breaks on.

[King]

I hope this won't affect the education grants I was planing on using to redecorate the Governor's Mansion.

Seriously though, this is a horrible idea.

Educating bright students whose parents are poor is a bad idea?

When it's done with federal taxes, yes it is.

If you read, it is a tax credit that saves the government money by stimulating the activity and growth of scholarship organizations.  (aka I do not break my promise of not supporting any tax hikes)

That's irrelevant because poor people don't have any taxes to use  tax breaks on.

Unless there are families that make less than $400 a month, then it is not irrelevent.  Also, middle and upper class Atlasians will get a tax credit of $.50 for every $1 donated to a scholarship clearing house.

[Bono]

I hope this won't affect the education grants I was planing on using to redecorate the Governor's Mansion.

Seriously though, this is a horrible idea.

Educating bright students whose parents are poor is a bad idea?

When it's done with federal taxes, yes it is.

If you read, it is a tax credit that saves the government money by stimulating the activity and growth of scholarship organizations.  (aka I do not break my promise of not supporting any tax hikes)

That's irrelevant because poor people don't have any taxes to use  tax breaks on.

Unless there are families that make less than $400 a month, then it is not irrelevent.  Also, middle and upper class Atlasians will get a tax credit of $.50 for every $1 donated to a scholarship clearing house.

If they have children, then they have other tax breaks. Therefore, that's irrelevant.

[Emsworth]

The question is on passage of the bill. All those in favor, say Aye; those opposed, say No.

[MasterJedi]

Aye

[True Democrat]

I'm currently undecided, but leaning towards Aye (This is not my vote).  I need more information from King on how this bill really works.  King?

[DanielX]

Aye

[King]

I'm currently undecided, but leaning towards Aye (This is not my vote).  I need more information from King on how this bill really works.  King?

There are two paths for qualifying for the tax break:

1.  A parent sends their child to a private school and recieves $500 reimbursement on their income tax for their investment.

2.  Any person donates any amount of money to a charity that awards scholarships to students receives reimbursement on their income tax worth 50% of the donation (i.e. if a taxpayer donates $10,000, they get a $5000 credit or if they donate $1, they get $.50 credit).

[King]

Aye

[Colin]

Aye

[True Democrat]

Aye

[Emsworth]

This bill has enough votes to pass. Senators have 24 hours to vote or to change their votes.

[Sam Spade]

Aye.

[MHS2002]

Aye

[Emsworth]

There have voted:
Aye: 7
No: 0

Therefore, the bill is passed. I present it to the President for his signature.

[Siege40]

Siege40