HR 485

112th CONGRESS
1st Session

H. R. 485

To amend the Internal Revenue Code of 1986 to provide for a credit which is dependent on enactment of State qualified scholarship tax credits and which is allowed against the Federal income tax for charitable contributions to education investment organizations that provide assistance for elementary and secondary education.

IN THE HOUSE OF REPRESENTATIVES

January 26, 2011

Mr. FRANKS of Arizona introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To amend the Internal Revenue Code of 1986 to provide for a credit which is dependent on enactment of State qualified scholarship tax credits and which is allowed against the Federal income tax for charitable contributions to education investment organizations that provide assistance for elementary and secondary education.

SECTION 1. SHORT TITLE.

SEC. 2. TAX CREDIT FOR CONTRIBUTIONS TO EDUCATION INVESTMENT ORGANIZATIONS.

`SEC. 30E. CONTRIBUTIONS TO EDUCATION INVESTMENT ORGANIZATIONS.

SEC. 3. FEDERAL SCHOLARSHIP TAX CREDIT CONDITIONED ON STATE QUALIFIED SCHOLARSHIP TAX CREDIT.

END