In the state of Florida, over 30,000 parents have applied for a scholarship for their child.  And according to the Heartland Institute, during the 2002-2003 school year, an estimated 15,000 to 20,000 low-income students benefited from the Pennsylvania Education Improvement Tax Credit, supported by more than $18.9 million from nearly 1,000 Pennsylvania corporations.

“Parents are deeply committed to giving their children the best education possible, and these numbers show they do indeed take advantage of the scholarship tax credit program,” Congressman Franks said.  “Almost 50,000 Arizonans made a personal effort to provide education options to our children. By encouraging other states to follow Arizona’s—as well as Pennsylvania’s and Florida’s—model, children across America would be afforded the opportunity to attend the school of their parents’ choice.”

The Children’s Hope Act, introduced by Congressman Franks and cosponsored by 24 colleagues thus far, encourages states to enact their own state scholarship tax credit.  If a state enacts a scholarship tax credit of $250 or more, residents of that state are then eligible to take part in an additional federal tax credit of $100 ($200 for joint returns).  The federal tax credit is for those individuals contributing to education investment organizations that distribute at least half of their scholarships to low-income children.  For those nine states that do not have an income tax, they can take a dollar for dollar credit against their property taxes.

“Empowering parents and communities to give their children the best education possible is vital to America's future,” Franks said.  “By offering a federal incentive, we have the opportunity to encourage states to emulate the success of Arizona, Pennsylvania and Florida, and help provide families the financial freedom they deserve to make the best decisions when it comes to their children’s education.”