SUMMARY:  LC 34 4532ER  The "Business and Education Succeeding Together (BEST) Act" Provides a state income tax exemption for corporate donors to student scholarship organizations.

REQUIREMENTS:

• A BEST student scholarship donor shall be allowed a credit against taxes owed for donations to a student scholarship organization in an amount not to exceed the actual amount expended.
• The tax credit is not allowed if the donor designates use for a particular individual or school.
• The aggregate cap on tax credits is $12 million per year and credits are issued on a first come, first served basis.
• Information and reports made to the scholarship organization shall be confidential.
• Students are eligible for scholarships if enrolled and attended in a public school for six weeks or is eligible to enroll in a public first grade or kindergarten program.
  • The above provision is waived for a student is or would be assigned to a public school that the Office of Student Achievement lists as a low performing school or is a school with documented cases of violence
  • Home school students are eligible 

EFFECTIVE DATE:  Taxable years beginning January 1, 2015, if approved by the General Assembly and Governor.