A credit is allowed for gifts to scholarship granting organizations
What the document says“there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the aggregate amount of qualified contributions made by the taxpayer during the taxable year.”
The section adds a new section 25F to subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 allowing an individual who is a citizen or resident of the United States within the meaning of section 7701(a)(9) a credit equal to the total qualified contributions made in the taxable year.
What the document actually says“there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the aggregate amount of qualified contributions made by the taxpayer during the taxable year.”
A credit is given against tax for the year. It equals the total of the gifts made that year.
The giver must be a citizen or resident. A credit cuts the tax owed dollar for dollar. Only certain gifts count.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.