One day after being able to donate to a new tax credit scholarship program the state says tens’ of millions have been pledged. The program was created during the process to reform school funding and it allows donors to apply a 75 percent tax credit up to 1 million dollar donation. Individuals or corporations are eligible to donate.
So far $36 million has been donated to scholarship granting organizations around the state. The scholarships are to private K-12 schools and the application process to receive one begins on January 24th. Eligibility requirements maintain that students must come from homes that have an annual income below 300 percent of the federal poverty level.
The dollars won’t be spread equally around the state. Donations are made in predetermined regions selected by the donor.