Creates corporate business tax and gross income tax credits to fund education enrichment demonstration program.
Impact
The bill establishes a new funding stream within the New Jersey Department of Education to address educational gaps. Specifically, it directs the Commissioner of Education to implement a four-year demonstration program where six eligible schools receive competitive grants to enhance academic support and enrichment services. This initiative is expected to benefit schools with a significant percentage of students not meeting educational expectations by providing targeted resources for improvement. The cap on tax credits in a fiscal year, set at $600,000, ensures that contributions are distributed fairly across need-based educational programs.
Summary
Assembly Bill A4085 proposes the creation of tax credits for corporate businesses and gross income taxpayers who contribute to an Education Enrichment Demonstration Program. The bill aims to incentivize large contributions, providing up to $100,000 in tax credits for corporate businesses that donate a minimum of $50,000, and up to $25,000 for gross income taxpayers who contribute at least $5,000. These contributions are intended to fund educational programs and initiatives designed to enrich the student experience in schools that meet specific performance criteria.
Contention
One notable point of contention surrounding A4085 is the potential for unequal access to educational resources. Critics argue that reliance on corporate and individual contributions could create disparities between well-resourced and under-resourced schools, ultimately undermining the comprehensive education system. Furthermore, there are concerns about the long-term sustainability of the program post-expiration of the tax credits, which is set for four years after enactment. Advocacy groups may express that temporary measures are inadequate for solving systemic issues in education funding.
Establishes Public Education Innovation Fund; provides corporation business tax and gross income tax credits to businesses for making qualified education donations.
Establishes Public Education Innovation Fund; provides corporation business tax and gross income tax credits to businesses for making qualified education donations.
"Opportunity Scholarship Act"; establishes pilot program in Department of Treasury providing tax credits to taxpayers contributing to scholarships for low-income children.
"Opportunity Scholarship Act"; establishes pilot program in Department of Treasury providing tax credits to taxpayers contributing to scholarships for low-income children.
"Opportunity Scholarship Act"; establishes pilot program in Department of Treasury providing tax credits to taxpayers contributing to scholarships for low-income children.
"Opportunity Scholarship Act"; establishes pilot program in Department of Treasury providing tax credits to taxpayers contributing to scholarships for low-income children.
"New Jersey Student Support Act"; establishes program in Department of Treasury to provide tax credits to taxpayers contributing to organization which awards scholarships to certain nonpublic school students.
"New Jersey Student Support Act"; establishes program to Department of Treasury to provide tax credits to taxpayers contributing to organization which awards scholarships to certain nonpublic school students.
"New Jersey Workforce Housing Partnership Act"; incentivizes homebuyer assistance to certain employees, provides tax credits for development of certain workforce housing, and provides certain assistance and affordability protections for middle-income residents; appropriates $55 million.