High-Quality Charter Schools Act

This bill creates a tax break for individuals who donate cash or securities to certain charter school organizations that run or manage charter schools. Donors could get a tax credit worth 75% of what they give, up to a limit based on their income, and any unused credit could be carried over for up to five years. The bill sets a national cap of $5 billion per year for these credits, with $10 million guaranteed to each state and the rest available on a first-come, first-served basis. Charter school organizations receiving these donations would be required to spend the money within a set timeframe, or they could lose eligibility for the tax credit for one year.

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