Lawmakers show support for Education Investment Tax Credit
THE BRONX - Lawmakers are proposing new legislation to financially help families send their kids to school.
A group gathered at Cathedral High School in Manhattan Monday to show support for the Education Investment Tax Credit, which would offer an incentive for taxpayers to donate money for educational purposes, both public and private.
If passed, it would give a dollar-to-dollar reduction in state taxes for those who donate to public schools, or to scholarships for families looking to send their children to private schools.
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Supporters estimate the total increase of donations from the bill would be as much as $300 million per year. The tax credit would also apply to teachers who pay for classroom supplies out of their own pockets.
The legislation has already passed the Senate, and backers are hoping it will be part of this year's state budget.