Why it's bad
Tax credits under LB 295 would take revenue that could be used for public education and give it to wealthy donors and private schools.
Wealthy donors, including corporations, would receive a dollar-for-dollar tax credit from the state, and could even turn a profit by claiming a charitable giving deduction on their federal tax returns.
This bill will cause a failure in our ability to adequately fund public schools.
The bill will cause a $2 million loss in funds in its first year, and a $10 million deficient the following year. This money would better spent to alleviate our state’s overreliance on property taxes by better funding public schools from the state level.
This bill will add to our state's major budget challenge.
Legislators are looking to close a nearly $200 million shortfall after years of low revenues. Almost all public services have seen cuts and expect more to come. Public schools are no exception: TEEOSA (state aid to education) has only been fully funded in 3 of the last 16 years, and our public schools would lose even more under LB 295.