Education Freedom Act

Fact Sheet API

Bill Number

HR 5192

Introduced

Jul 23, 2002

Latest Action

Sponsor introductory remarks on measure. (CR E1964-1965)

Sponsor

Cosponsors

Topics

Business income tax Charitable contributions Church schools Commerce Corporate philanthropy Corporation taxes Education Education savings accounts Educational finance Elementary and secondary education Elementary education Home schooling Income tax Personal income tax Religion Scholarships Secondary education Tax credits Tax exclusion Taxation

Full Text

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Votes

Summary

Education Freedom Act - Amends the Internal Revenue Code to permit a tax credit for 50 percent of certain cash contributions by a taxpayer to an education investment organization or to an elementary or secondary school. Sets a maximum credit of $50,000 for corporations and $250 for other taxpayers ($500 for a joint return). Provides other limitations on the amount of the credit in certain specified instances.

Excludes from gross income any amount received as a grant for qualified elementary and secondary expenses from an education investment organization. Defines "qualified elementary and secondary expenses" and "education investment organization." Revises definition of "school" for purposes of defining qualified elementary and secondary education expenses.

Actions

Oct 28, 2002

Sponsor introductory remarks on measure. (CR E1964-1965)
Jul 23, 2002

Referred to the House Committee on Ways and Means.
Jul 23, 2002

Introduced in House

Amendments

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