En esta noticia
The Internal Revenue Service (IRS) confirmed which states decided to participate in the new Federal Scholarship Tax Credit (FSTC) program, an initiative that will allow taxpayers in participating jurisdictions to obtain a tax credit of up to $1,700 for making donations intended to fund educational scholarships.
This measure is regulated under the “One, Big, Beautiful Bill” and, according to authorities, seeks to promote access to primary and secondary education through contributions to authorized organizations that provide student scholarships.
Who will be able to deduct up to $1,700 from their taxes
According to the IRS, eligible taxpayers will be able to claim a federal tax credit of up to $1,700 if they make qualified contributions to a Scholarship Granting Organization (Scholarship Granting Organization).
Along those lines, to access the benefit, it is necessary to meet two basic requirements
- The donation must be made to a qualified SGO
- The organization must be located in a state that has opted into the program
Which states are already part of the program
According to the federal agency, the following states have already confirmed their participation:
- Alabama
- Alaska
- Arkansas
- Colorado
- Florida
- Georgia
- Idaho
- Indiana
- Iowa
- Louisiana
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- North Dakota
- Ohio
- Oklahoma
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Virginia
- West Virginia
- Wyoming
The IRS noted that the list may expand in the future if more states decide to join the program.
How this new federal tax credit works
The program does not provide a direct payment to taxpayers, but instead allows them to claim a federal tax credit for eligible contributions made to authorized organizations.
In this way, those who meet the requirements will be able to reduce their tax burden by up to $1,700.