Bill that would increase education tax credits passes House
A bill that would once again dramatically increase the tax credit caps for private school and public school donations passed out of the House Tuesday on a 69-31 vote.
Building on a bill that passed during the 2021 session, which significantly increased the amounts donators could claim as tax credits, House Bill 408 seeks to increase the limits accepted for both the Student Scholarship Organization Credit and the Innovative Educational Program Tax Credit from $2 million to $5 million. The bill also allows the cap to increase in the following years if 80% of these limits are met. Donations could be accepted by individuals, estates, trusts or corporations while the credit itself could carry over for three years.
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The bill’s sponsor, House Majority Leader Sue Vinton, R-Billings, said it would meet the demand across the state for innovative education programs like work-based learning partnerships and support for disabled students along with the growing number of willing donors across the state.
If passed, HB 408 would also ensure that the majority of donations don’t go to select public school districts. Any district in the state could receive up to either 15%