How Would a Corporate Tax Credit Work in Connecticut?
C corporations would be allowed to donate funds to a scholarship fund that provides aid to students to attend a religious, private or out of district public school. There would be a statewide cap of $2 million and tax credits would be granted on a first come first serve basis. Donations would be capped at $50,000 and the “C” Corporation would receive a 100% tax credit. Scholarships would only be given to children whose family income does not exceed 250 percent of the income requirements of the federal poverty line. (A family of four would have an income of less then $55,125 per year.) Additionally, these funds could only be used to pay for tuition. Only students entering kindergarten or transferring to a private or religious school would be eligible for the scholarship. Scholarships to attend a private or religious school could not exceed $2,500. Residents from the following towns would be eligible for the scholarship; Ansonia, Bridgeport, Bristol, Danbury, East Hartford, Enfield, Hart
