The Treasury Department laid the groundwork on Thursday for the nation’s first federal school choice program, allowing married couples to receive tax credits of up to $3,400 for donations that fund K-12 scholarships.
The proposed regulations would implement the Education Freedom Tax Credit beginning Jan. 1. Individual taxpayers could receive a dollar-for-dollar, nonrefundable federal income tax credit of up to $1,700 for cash donations to eligible scholarship-granting organizations. Married couples filing jointly could receive twice that amount.
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