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 if they can't use the full credit in one year, they can carry the unused portion forward for up to five years. The government would cap the total amount of these credits at $5 billion per year, with each state guaranteed at least $10 million and the rest given out on a first-come, first-served basis. The IRS would track donations in real time, and charter school organizations that don't spend the donated money within a set timeframe could lose their eligibility to receive tax-credited donations for a year.

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