News 12 Previews Equity and Opportunity Tax Credit Legislation
December 12, 2008| Posted in Articles, Education archives, In the News, News Media
LEGISLATIVE PROPOSAL WOULD HELP ECONOMICALLY DISADVANTAGED STUDENTS
Erick Lind, News 12, December 11, 2008
Many school districts are facing financial problems when it comes to state funding. There are students that are having problems themselves. Currently over 150-thousand children in the state live in poverty. News 12’s Erick Lind is in the studio to take a look at a piece of legislation that could help those students with a better education.
Minnesota is looking for a way to have citizens help economically disadvantaged students have a better opportunity in the classroom. District 63A Representative Paul Thissen is authoring the Equity and Opportunity in Education Tax Credit legislation. He led a forum today for the Coalition for Kids at the Kaiserhoff in New Ulm. Thissen is supporting a bill that would give tax credit for individuals and companies. Representative Thissen says, “The really great thing about this, is that there is an investment of public dollars, but it leverages more private dollars, so we actually end up with more money going toward education.”
Public schools would benefit through educational programs, while private schools would be able to use funding for tuition. Whether private or public school, some in attendance see the potential tax credit incentive as an investment in education. New Ulm Cathedral Athletic Director John Vetter says, “This program would address needs of kids in both schools. I really see it as something that would be great for young people in the state of Minnesota.”
The Coalition for Kids is proposing a 10 million dollar cap for contributions annually that would be allowed to take advantage of an 80 percent tax credit. That is considerably higher than the nearly 8 percent it is right now. In the plan, individuals would be allowed to donate a maximum of 10-thousand dollars, 20-thousand if filing jointly, and corporations can make 100-thousand dollar donations. If the bill goes through in Minnesota it may give a lot of students a chance they never had.Erick Lind, News 12.
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