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Scholarship Tax Credit Programs Analysis

Scholarship Tax Credit Programs Analysis

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Published by Grant Bosse

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Published by: Grant Bosse on Jan 23, 2012
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ScholarshipTaxCreditProgramsintheUnitedStates
ImplicationsforNewHampshire
JasonBedrickJanuary2012
 
T
HE
J
OSIAH
 BARTLETT
Center for 
PUBLICPOLICY
 
1
ScholarshipTaxCreditProgramsintheUnitedStates
CONTENTS
EXECUTIVESUMMARY2I.OVERVIEW:SCHOLARSHIPTAXCREDITS31.
T
 AX
C
REDITSVS
.
V
OUCHERS
4
I
MPLEMENTATION
4C
ONSTITUTIONALITY
5
2.
P
 ARENTAL
S
 ATISFACTION
73.
P
UBLIC
S
UPPORT
9
II.FISCALIMPACT101.
F
ISCAL
I
MPACTIN
N
EW
H
 AMPSHIRE
10
2.
F
ISCAL
I
MPACTIN
O
THER
S
TATES
12III.PROGRAMDESIGN131.
M
EANS
-T
ESTING
15
2.
D
ISBURSEMENT
R
EQUIREMENT
173.
C
ORPORATE
C
REDITS
194.
F
URTHER
S
UGGESTIONSFOR
P
OLICYMAKERS
20
IV.CONCLUSION22 A
BOUTTHE
 A
UTHOR
23
S
OURCES
23
 
2
ScholarshipTaxCreditProgramsintheUnitedStates
EXECUTIVESUMMARY
Inthelastdecade,scholarshiptaxcreditprogramshaveexpandededucationalopportunitiesforhundredsofthousandsofstudentsineightstates,particularlythosefromlow-andmiddle-incomefamilies.
PartI:Overview
Eightstatescurrentlyoperatescholarshiptaxcreditprograms.Programdesign,levelsoffundingandstudentparticipationvary.Scholarshiptaxcreditprogramsareonfirmconstitutionalground.Parentsofscholarshiprecipientsreporthighlevelsofsatisfaction.Amajorityofparentssupportsuchprograms.
PartII:FiscalImpact 
Undereventhemostconservativeassumptions,theproposedscholarshiptaxcreditprogramwillaffectlessthanhalfofonepercentofthecurrentstatespendingonpubliceducation.Moreover,theprogramisdesignedtosavemoneybyreducingstatespendingmorethanthelossintaxrevenue.Scholarshiptaxcreditprogramsinseveralotherstatesreducetheirstateexpenditureswhileexpandingchoicesforfamilies.
PartIII:ProgramDesign
Thissectionanalyzessurveydatafromscholarshiporganizations(SOs)participatingineducationtaxcreditprogramsinfivestatestounderstandtheimpactofdifferentprogramdesigns.Someofthemainfindingsinclude:
Means-Testing:
Ø
 
Means-testingcanhelptargetfundstothetrulyneedy,thoughevidencesuggeststhatSOstargetlow-incomefamiliesevenwithoutameans-testingrequirement.
Ø
 
IncomecapsthataretoolowreducetheflexibilityofSOstoaddresstheneedsoffamilieswithexigentcircumstances(illness,specialneeds,jobloss,etc.).
DisbursementRequirement:
Ø
 
Scholarshiporganizationsrequiresomelevelofallowanceforadministrativecosts,especiallywhenstartingup.Overtime,mostspendlessthan10%onadministrativecosts.
Ø
 
Amoreliberaladministrativecostallowanceallowsforthecreationofmorescholarshiporganizations.Policymakersshouldconsidergreateradministrativecostallowancesfornewscholarshiporganizations.
CorporateCredits:
Ø
 
Mostscholarshiporganizationsreportedhavinglittletonotroublesolicitingdonationsfrombusinesseswhenthetaxcreditswereworth90%ofthedonations.
Ø
 
Policymakersshouldbeabletoreducethetaxcreditpercentagesomewhatbelow90%withoutasignificantlynegativeimpactonfundraising.However,itisnotclearatwhichpointtherewouldbeanegativeeffect.

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