Taxpayers give $36M to scholarships on 1st day of new credit
CHICAGO (AP) — Illinois Gov. Bruce Rauner says taxpayers pledged more than $36 million for private school scholarships on the first day donors became eligible for a new state tax credit.
Lawmakers approved the controversial $75 million tax credit program last year as part of a school funding overhaul.
Tuesday was the first day individuals and corporations could pledge money and apply for the tax credit, which is worth 75 percent of their donation, up to $1 million. The state caps eligible annual donations at $100 million.
Rauner said in a statement Wednesday the “outpouring of generosity” shows many in Illinois believe families should have a choice in where their children attend school.
Critics of the tax credit argue it takes money away from often cash-strapped public schools to benefit the wealthy.