Working Families Tax Cuts Invest in Educational Opportunity

Working Families Tax Cuts Invest in Educational Opportunity

Washington, D.C.-This week is National School Choice Week, and the Working Families Tax Cuts-driven by U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho)-are making education more accessible and affordable for families across America. In the legislation, congressional Republicans created a new school choice tax credit, expanded 529 savings accounts and permanently extended tax benefits for certain student loan repayments. These changes are helping families access the schools and educational opportunities that best meet their needs.

"A quality education can provide for a lifetime of learning and prepare students for rewarding careers," said Crapo. "Education is best overseen by the people closest to every student, and by reducing the cost of education, these provisions help students and their families access the schools and programs they choose."

Key wins:

• New Education Freedom Tax Credit of up to $1,700 for contributions to scholarship granting organizations, which will support school choice in K-12 education.
• Permanent tax exclusion for employer payments of student loans.
• Expanded expense eligibility for 529 plans.
• Doubled K-12 education expense limit for 529 plans.

What they are saying:

"History has been made in America as education freedom heads to the President's desk for the first time." - American Federation for Children CEO Tommy Schultz

"This is a huge victory for American families that have been praying and hoping for a financial lifeline to provide their children with the education they need to thrive." - Invest in Education Coalition Chairman Anthony de Nicola

Click HERE to see how the Working Families Tax Cuts make education more affordable.

Click HERE for more information about the Education Freedom Tax Credit.

Click HERE to learn more about the Finance Committee provisions in the Working Families Tax Cuts.