Bill > LB364

This bill adopts the Opportunity Scholarships Act and provides tax credits. The key provisions are: The bill allows individual, partnership, limited liability company, corporation, estate, and trust taxpayers to claim a tax credit of up to 50% of their contributions to eligible scholarship-granting organizations, which are non-profit organizations that provide education scholarships to eligible students (generally low-income students or students transferring from public schools) to attend qualified private schools. The total annual amount of tax credits is limited and will increase each year if the prior year's credits are nearly fully claimed. The scholarship organizations must allocate at least 90-95% of their revenue to education scholarships. The bill also requires reporting and oversight provisions for the scholarship organizations. The tax credits allowed under this bill are in addition to other tax credits available to these taxpayers.