Educational Opportunities Act of 2023

Hozzl · 2023-12-15T16:05:47Z

Explore the details of Senate Bill 301 Educational Opportunities Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/15/2023, 4:05 PM

Summary of Bill S 301

Bill 118 s 301, also known as the Educational Opportunities Act of 2023, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to improve access to quality education for all students, regardless of their background or socioeconomic status.

One of the key provisions of the bill is the establishment of a grant program that would provide funding to schools in low-income areas. This funding would be used to improve facilities, hire more qualified teachers, and implement programs aimed at closing the achievement gap between students from different socioeconomic backgrounds.

Additionally, the bill includes measures to increase access to advanced placement courses, career and technical education programs, and other opportunities for students to excel academically. It also aims to improve college and career readiness by providing resources for counseling and guidance services. Overall, the Educational Opportunities Act of 2023 seeks to level the playing field for all students and ensure that every child has the opportunity to receive a high-quality education. Supporters of the bill argue that investing in education is crucial for the future success of our country, and that by providing equal opportunities for all students, we can create a more equitable society.

Congressional Summary of S 301

Educational Opportunities Act of 2023

This bill allows individual taxpayers a tax credit for charitable contributions to a scholarship granting organization. The bill allows a maximum credit amount of $4,500 ($2,250 for a married individual filing a separate return). A scholarship granting organization is a tax-exempt entity whose exclusive purpose is to provide scholarships for the tuition and other education expenses of elementary and secondary school students from low-income households (i.e., household income not exceeding 250% of federal poverty guidelines).

The bill allows corporate taxpayers a tax credit, up to $100,000, for contributions to a scholarship granting organization. It also imposes a penalty on scholarship granting organizations that fail to distribute at least 90% of their total receipts for elementary and secondary school expenses in a taxable year.

Current Status of Bill S 301

Bill S 301 is currently in the status of Bill Introduced since February 7, 2023. Bill S 301 was introduced during Congress 118 and was introduced to the Senate on February 7, 2023. Bill S 301's most recent activity was Read twice and referred to the Committee on Finance. as of February 7, 2023