Senate Bill 857 Will Help Homeschool Families Financially Hurt by Covid-19

North Carolinians for Home Education favors Senate Bill 857, “Private School Families Tax Incentive.” We encourage homeschoolers to express their support for this bill to the senators who are members of the Committee on Rules and Operations of the Senate. (See contact information below.) This bill is designed to help families who have experienced an income loss due to Covid-19 keep their children enrolled in their private schools or homeschools. Families may qualify to claim a one-time tax credit that will apply for 2020 NC income tax returns when they meet these conditions: 1) They received a federal economic impact payment under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and 2) They experienced a 10% or greater gross income loss when compared to the previous year. Families may receive a credit of up to $2,500 per child enrolled in private school and up to $500 per child enrolled in homeschool.

This incentive is a tax credit similar to the Child Tax Credit that most families with children at home claim when they file their income taxes. In the same way, families that claim this new credit will be keeping more of their own money rather than applying for state funds. There are no strings attached to this tax credit. If anything changes to add strings to this bill, we will inform you and change our position on the bill. NCHE has historically been in favor of tax credits and against vouchers. We are for families keeping more of their own money but not for receiving money from the government.

The post Senate Bill 857 Will Help Homeschool Families Financially Hurt by Covid-19 appeared first on North Carolinians for Home Education.