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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Feb 25, 2021.
Educational Opportunities Act
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.