CONCORD – Efforts to repeal the state’s new education tax credit took a step forward Wednesday when the state House of Representatives voted to do away with the scholarship program.
The Democratic-led House voted 188-151 to repeal the program, which gives businesses a tax break if they donate to nonprofit scholarship groups that aid low-income students attending private schools or home-school programs. The scholarships average $2,500 per student per year for tuition at private schools.
The program, which launched Jan. 1, was approved by the Republican-led legislature last year.
The tax credits permit business owners to qualify for up to 85 percent of what they contribute in scholarships from what they owe under the Business Profits Tax and Business Enterprise Tax.
The credits are limited to no more than $3.4 million next year and $4.1 million in the 2014-15 school year.
All scholarships must be given to students of families that make no more than 300 percent of the federal poverty level.
That equals about $70,000 a year for a family of four.![]()
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