That appears to be the case in Florida, where the Legislature's non-partisan Office of Program Policy Analysis and Government Accountablility estimates tuition tax credits
will save the state $57.9 million in FY 2012-13.
The estimated that more than 100,000 families or individuals in Oregon would be affected by the loss of the tuition tax credit
And, according to tax records, the Walton Family Foundation, largely funded with proceeds from Wal-Mart stocks, funneled $28 million in 2002 to the CEO Foundation and the Children's Scholarship Fund, which promote taxpayer-funded vouchers and private tuition tax credits
. Another $300,000 in grants went to the Institute for Justice, a right-wing legal group that defends voucher programs and fights state constitutional barriers to them.
Parents can also invest money for their child's education with two tuition tax credit
programs called Hope and Lifetime Learning tax credits, which offer a reduction of up to $2,000 in federal income tax owed annually for those who qualify.
For example, if a taxpayer has a precredit tax liability of $2,000 and a tuition tax credit
of $1,500, the taxpayer would pay a tax of $500.
This year, the President and Republican congressional candidates have revived the idea, proposing a voucher demonstration program and tuition tax credit
. This plan would allow families to claim up to a $2,500 income tax credit for money spent on private tuition, tutoring and other expenses when their children are in schools deemed to be failing under the standards set by the new education law passed this year.
The 1965 college tuition tax credit
proposal was estimated to cost up to $5 billion annually (23).
The Michigan plan, promoted by ultraconservative foundations and Catholic church officials, would not only lock the state into a goofy voucher plan but also allow the legislature to create a tuition tax credit
plan that could devastate the state's finances and public schools.
Carter refuse to help parents [of private and parochial elementary and secondary school pupils]," said Reagan, "but he played a major role in defeating the tuition tax credit
bill when it was before the Senate." Quoting his party's platform, Reagan pledged, "Next year, a Republican White House will assist, not sabotage, congressional efforts to enact tuition tax relief into law." In part because of his openness to nonpublic school aid, Reagan received 51 percent of the Catholic vote in his narrow election victory over incumbent Democratic President Jimmy Carter.
His package would create a new "HOPE Scholarship Tuition Tax Credit
" of up to $1,500 per year, available for the first two years of post-secondary education.
The President now proposes an additional $110 billion cut in taxes, along with a $1,500 tuition tax credit
and up to a $10,000 college tuition IRA-type account for educational purposes.
Our tuition tax credit
scholarship program is a historic achievement and helps needy students attend the school of their choice.