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DENVER ~ ### Treasury proposes rules for federal scholarship tax credit
The U.S. Treasury has proposed rules for a federal scholarship tax credit set to begin Jan. 1, 2027, outlining how taxpayers can direct part of their federal tax liability to scholarship-granting organizations.
The nonrefundable credit would allow eligible taxpayers to claim up to $1,700 annually for qualifying donations, or up to $3,400 for married couples filing jointly. Unused credits could be carried forward for up to five years.
The proposed rules say eligible expenses may include tutoring, special-needs services, books, school supplies, computers and other equipment. Scholarship organizations could focus awards on particular subjects or set income limits. They could also use streamlined eligibility for families enrolled in programs such as SNAP, TANF, WIC, Section 8 or SSI, as well as foster children and some students receiving tutoring or special-needs services in low-income areas.
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Organizations would not have to collect donors' Social Security numbers, but would be responsible for reporting, verification and audit procedures intended to prevent duplicate awards and reduce fraud.
Colorado Gov. Jared Polis said the rules clarify that donations can support public school students. He encouraged nonprofit organizations to prepare to participate and said he looked forward to commenting on the draft rules.
Colorado is preparing to submit a list of eligible scholarship-granting organizations to the Treasury before the credit takes effect. Potential organizations include the Colorado Public Schools Foundation, the Denver Public Schools Foundation Opportunity Fund and the Learn Everywhere Fund.
The Colorado Department of Revenue is updating its form for compiling the state's list of eligible organizations and plans to open the process soon. Information and notification sign-ups are available at tax.colorado.gov/scholarship-granting-organizations.
The U.S. Treasury has proposed rules for a federal scholarship tax credit set to begin Jan. 1, 2027, outlining how taxpayers can direct part of their federal tax liability to scholarship-granting organizations.
The nonrefundable credit would allow eligible taxpayers to claim up to $1,700 annually for qualifying donations, or up to $3,400 for married couples filing jointly. Unused credits could be carried forward for up to five years.
The proposed rules say eligible expenses may include tutoring, special-needs services, books, school supplies, computers and other equipment. Scholarship organizations could focus awards on particular subjects or set income limits. They could also use streamlined eligibility for families enrolled in programs such as SNAP, TANF, WIC, Section 8 or SSI, as well as foster children and some students receiving tutoring or special-needs services in low-income areas.
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Organizations would not have to collect donors' Social Security numbers, but would be responsible for reporting, verification and audit procedures intended to prevent duplicate awards and reduce fraud.
Colorado Gov. Jared Polis said the rules clarify that donations can support public school students. He encouraged nonprofit organizations to prepare to participate and said he looked forward to commenting on the draft rules.
Colorado is preparing to submit a list of eligible scholarship-granting organizations to the Treasury before the credit takes effect. Potential organizations include the Colorado Public Schools Foundation, the Denver Public Schools Foundation Opportunity Fund and the Learn Everywhere Fund.
The Colorado Department of Revenue is updating its form for compiling the state's list of eligible organizations and plans to open the process soon. Information and notification sign-ups are available at tax.colorado.gov/scholarship-granting-organizations.
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