Corporate Income Tax Credit Scholarship Program
Florida’s Corporate Income Tax Credit Program, known as Step Up for Students Scholarships, allows corporations to receive dollar-for-dollar tax credit up to 75 percent of their state income tax for donations made to Scholarship Funding Organizations (SFOs). SFOs must spend 100 percent of these contributions on scholarships for low-income students to use at the public or private school that best meets their educational needs.
Scholarships for use in private schools may not exceed $3,750 per student, or $500 for a scholarship awarded to a student enrolled in a Florida public school outside their assigned district.
Student/ School Participation
During the 2004-2005 school year, 1,234,020 Florida Students were eligible for the scholarship. In the 2005-2006 school year, a total of 14,502 children enrolled in the scholarship program with 852 private schools participating.
To be eligible for the scholarship, students must qualify for the federal free or reduced lunch program.
Regulations on the Program
The annual cap on total corporate tax credits is $88 million.