A new state budget was recently approved by the Virginia Legislature, including an education related amendment that has been made by the conference committee legislators. If enacted, this budget will cut funding for the Virginia Education Improvement Scholarship Tax Credit (EISTC). This funding is critical for providing thousands of children in Virginia better educational opportunities.
The Virginia EISTC program allows individuals and businesses the opportunity to donate to private state-qualified scholarship foundations and in turn receive up to a 65% tax credit. However, only $25 million of tax credits are available. This upcoming budget will cut the funding in half — down to $12 million. In the 2020-21 school year, 4,592 students utilized funds from participating scholarship foundations. The new budget amendment would strip away the ability to give more students life changing education opportunities at a time when kids need it the most. With less funding for the tax incentive, students in Virginia will have less access to these scholarships and subsequently less access to the schools of their choice.
Governor Youngkin can save this program by requesting an amendment to the budget before he signs it. Contact the Governor’s office right now and tell him you want him to restore funding for the EISTC. Virginia’s children deserve a high quality education. We believe opportunity and freedom of choice are essential components for improving education.
Contact the Governor’s office today!
Call 804-786-2211 or click here.