January 9, 2017
For Immediate Release
Contact: Kaylee Carnahan, 832-878-2904
Kentucky State Sen. Ralph Alvarado & State Rep. Bam Carney File Scholarship Tax Credit Legislation
House Education Committee Chair presents school choice legislation
(Frankfort) – House Education Committee Chair Representative Bam Carney (R-Campbellsville) and Kentucky State Senator Ralph Alvarado (R-Winchester) filed legislation (SB 102 & HB 162) today that would create a scholarship tax credit program. The bills are called “Opportunities in Education” and create a mechanism providing more educational choices to immediately benefit low and middle income families and families with developmentally disabled children. The program will establish a nonrefundable tax credit which may be applied against the individual income tax, corporate income tax, the limited liability entity tax, or the bank franchise tax, for donations to fund scholarships for Kentucky families so that they can afford the cost of nonpublic school tuition or other important educational services.
Meet a Kentucky family who is benefiting from scholarships to a local school. This legislation would allow for more families to have this type of opportunity.
“This bill will allow Kentucky to adopt one of the most innovative education programs in the United States,” Senator Alvarado said. “Too often families cannot afford the education that fits their child’s needs. A scholarship tax credit program will help remedy that, generating more scholarships and placing everyone on the same playing field.”
House Education Committee Chair Carney says enacting a scholarship tax credit program is a significant priority this legislative session. “As House Education Committee Chair, I am proud to sponsor this important bill to help our students,” said Representative Carney. “I am encouraged by the discussions I am having with other House members, and I am hopeful we will act to put Kentucky students first by joining the 17 other states that have this type of program.”
EdChoice KY President Charles H. Leis, vice chairman and chief executive officer of Brandeis Machinery & Supply Company, says he believes these bills will expand educational opportunity to more families.
“Wealthy families in Kentucky already have school choice,” said Leis. “We have a moral obligation to provide Kentucky students the best education alternatives possible and this policy gives all families dignity for themselves to select that education.”
Neil P. Ramsey, the founder and president of a Louisville based asset management firm RQSI, is supporting the legislative proposal and is a member of EdChoice KY’s business coalition, the Smarter Future Council.
“We spend a lot of time talking about bringing Kentucky into the 21st century, and a scholarship tax credit program is an important component in doing that,” said Ramsey. “We need to use all possible avenues available to provide the right education for the next generation to ensure Kentucky’s students are prepared to compete in this economy.”
Independent fiscal analysis found a scholarship tax program would have a positive net impact of more than $800,000 to the state budget, saving state and taxpayer money.
About EdChoice Kentucky
EdChoice Kentucky is a coalition focused on educating Kentucky on scholarship tax credit programs, which allow individuals or businesses to receive a tax credit from state taxes when they contribute to qualified non-profit organizations providing tuition assistance for low- and middle-income families and families with developmentally disabled children. Learn more at www.edchoiceky.com. Join the conversation on Facebook & Twitter with #ScholarshipTaxCredits.