by George Jared (gjared@talkbusiness.net)
A program that would create a tax credit scholarship for impoverished students to attend private schools was passed Wednesday (April 14) during the state Senate Tax and Revenue Committee meeting.
SB 680, also known as the “Philanthropic Investment in Arkansas Kids Program Act” will be capped at $2 million and will help up to 250 students in the state each year, bill sponsor Sen. Jonathan Dismang, R-Beebe, told the committee.
For a student to qualify, their family must have an annual income that is less than or equal to 200% of the federal poverty guidelines. The credits and application process will be handled by the Arkansas Department of Finance and Administration (DF&A). Credits will be given on a first come basis. It will cost DF&A about $100,000 per year to handle the program, according to estimates. Taxpayers who donate to the program will get an off-setting tax credit.
https://talkbusiness.net/2021/04/private-school-tax-credit-measure-clears-senate-revenue-tax-panel/
