New NC bill ties corporate break, private schools
RALEIGH, N.C. (AP) – New legislation would jolt public education by coaxing tens of thousands of North Carolina public school students into private schools with $4,000 in tuition help from corporations getting tax breaks.
The bill introduced Wednesday would allow a corporation to deduct its entire yearly state tax debt for a tuition donation. Corporations that give more could take it off over five years.
House Majority Leader Paul Stam offered estimates by legislative fiscal analysts that show the legislation would cost the state nearly $100 million a year in avoided corporate taxes after five years. But analysts say the money spent on public schools would be reduced even more, ultimately saving money.
The North Carolina North Carolina Association of Educators calls the plan a raid on the state treasury to fund private schools.
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