Tax credits for scholarships passes in Nevada

Nevada Gov. Brian Sandoval, R, has signed a landmark school choice bill that gives low-income students an opportunity to use privately donated funds toward private school tuition.

The bill creates a tax credit for companies subject to Nevada’s modified business tax. They become eligible to claim a credit equal to an amount donated to a private school scholarship organization. No more than $5 million in the tax credit can be approved for fiscal year 2015-16, with a 10 percent increase every year thereafter.