80% of parents of K-12 students support education tax credits and more than two-thirds believe they will improve education across the country
ARLINGTON, Va., Nov. 9, 2023 /PRNewswire/ — Personal education tax credits, as outlined in a new policy report released today by yes. every kid., are as popular with the broader public as Education Savings Accounts (ESAs) and are likely to be the future of education policy. Two-thirds of the general public – and 80% of parents of K-12 students – support personal education tax credits, and two-thirds of parents believe they will improve education in our country, according to a recent poll by yes. every kid. foundation. and YouGov.
“This has the potential to be the easiest form of education freedom for states to implement,” said Craig Hulse, executive director of yes. every kid., “Tax credits are popular among families and the public and most believe they can work alongside traditional public schools to customize educational experiences that unlock each child’s potential. We should all be working to provide every kid with as many options as possible regardless of income.”
Education tax credits empower families with an alternative and streamlined approach to education choice policies such as ESAs, allowing a parent or guardian to receive a credit when they educate their children outside of a public school setting. By simply indicating on their tax form or an application that they have a dependent who is not enrolled in public school, the parent or guardian would receive a tax refund. These policies can be simple for states to implement, as they leverage existing tax mechanisms.
“As state lawmakers across the nation seize the national momentum for families to direct their children’s education, this report offers best practices for policy development and implementation of personal education tax credits,” said Lily Landry, senior legislative analyst at yes. every kid. and the report’s lead author.
According to the policy report, state lawmakers interested in implementing an education tax credit policy should ensure that it:
- Applies to all families in the state;
- Directly funds families;
- Ensures streamlined and efficient administration; and
- Provides an amount equal to the amount the state spends per pupil, based on individual student characteristics.
The report highlights Oklahoma’s first-of-its-kind Parental Tax Credit program, established earlier this year, which will empower up to 25,000 families to direct funding for their child’s education, and pave the way for other states to implement similar policies. Six other states – Alabama, Illinois, Iowa, Minnesota, Ohio and South Carolina – have limited education tax credit programs.
Read the full report at yeseverykid.com.
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SOURCE yes. every kid.
