LOTS OF POSTS IGNORED BY BLOGGER.....
OR REMOVED ON THEIR WHIM!
ALL POSTS ARE AVAILABLE ON
MIDDLEBORO REVIEW AND SO ON
BLOGGER DOESN'T LIKE TRUTH OR FACTS!
BLOGGER DOESN'T LIKE FUND RAISERS AND DELETES
POSTS THAT INCLUDE FUNDRAISING THAT 'VIOLATES THEIR
UNDEFINED COMMUNITY STANDARDS SO ALL 'FUND RAISING'
IS DELETED - CONTRIBUTE AS YOU ARE INCLINED TO SUPPORT
IMPORTANT ISSUES! THESE ARE NOT SOLICITATIONS
MIKE MINOGUE STATED:
Starting on Jan. 1, 2027, the Federal Scholarship Tax Credit will allow taxpayers to claim a federal tax credit each year of up to $1,700 for donations to an approved nonprofit scholarship fund.
“This is a transformational law because it will allow parents, 85% of the parents that have kids in school in Massachusetts right now, to get grants,” Minogue said. “I will commit, in the first year, we will get $1.7 billion in additional dollars for education.”
THE DEVIL'S IN THE DETAILS: THE STATUTE:
Overview of the Federal Scholarship Tax Credit
The Federal Scholarship Tax Credit (FSTC) is a new initiative set to launch on January 1, 2027. This program allows individual taxpayers to receive a dollar-for-dollar federal income tax credit for contributions made to scholarship granting organizations (SGOs) that support K-12 education expenses.
Key Features of the FSTC
- Tax Credit Amount: Taxpayers can claim up to $1,700 per year for donations to SGOs.
- Eligibility: The program is available to all individual taxpayers across the United States.
- Married Couples: Couples filing jointly can claim a combined credit of up to $3,400.
- State Participation: States must formally opt in to the program for their residents to benefit from the tax credit.
Requirements for Scholarship Granting Organizations (SGOs)
To qualify for the FSTC, SGOs must meet specific criteria:
- Must be a 501(c)(3) nonprofit organization.
- Must provide scholarships to at least 10 students attending different schools.
- Cannot earmark donations for specific students.
- Must spend at least 90% of their income on scholarships.
Eligible Expenses
The funds from SGOs can be used for various K-12 education-related expenses, including:
- Private school tuition and fees
- Tutoring and academic support services
- Special education services
- Educational materials and technology
State Participation Status
As of now, many states have opted in to participate in the FSTC program. A complete list of participating states will be provided by the IRS before the program's launch.
This tax credit aims to enhance educational opportunities by encouraging private contributions to support students' educational needs.
Explore More
Should Mass. join the Federal Scholarship Tax Credit program? Why a teachers union says no.
CBS: FEDERAL SCHOLARSHIP TAX CREDIT
IGNORED IS:
#1 THAT A FAMILY MUST HAVE THE INCOME TO MAKE THE EXPENDITURE
IT EXCLUDES MANY OF THOSE FAMILIES THAT NEED THOSE SERVICES
#2 WE'VE ALREADY SEEN HOW THE TRUMP REGIME PUNISHES THOSE THAT
IT OPPOSES. THERE IS A GREAT POTENTIAL OF EXCLUDING ORGANIZATIONS
THAT TARGET UNDER SERVED GROUPS OR RACIAL OR ETHNIC GROUPS.
PLEASE ALSO NOTE THAT THIS IS BEING DONE AT A TIME THE TRUMP
REGIME IS DESTROYING THE DEPARTMENT OF EDUCATION.
#3 THIS IS LIMITED TO IRS APPROVED CHARITABLE ORGANIZATIONS AND
WILL EXCLUDE SERVICES PROVIDED BY PUBLIC SCHOOLS.
SURELY OTHERS CAN FORESEE ADDITIONAL CONSEQUENCES OF THIS PROGRAM.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.