Alabama Opportunity Scholarship – Benefits for the Student and for the Taxpayer
The Alabama Accountability Act, passed in 2013, established a non-profit 501(c)3 organization entitled Scholarships for Kids, which works directly with qualified, non-public schools to offer a road to opportunity for the children who need it most to ensure they’re receiving a quality education with full scholarships to eligible universities. While this scholarship is only open for low-income individuals, it is also a win-win for any taxpayer regardless of their income. Using My Alabama Taxes, at myalabamataxes.alabama.gov, the taxpayer can create an account to donate money directly to the Scholarship for Kids organization. Not only can you be sure your money goes directly to an organization making an impact on children’s lives, but it also allows you to receive a dollar for dollar state tax credit, up to 50% of your total Alabama tax liability, all from the ease and convenience of your home. However, be sure not to wait. While the Alabama Accountability Act has reserved thirty million dollars in tax credits annually for individuals taking advantage of this opportunity, these reserved tax credits go quickly! Be sure to take advantage of this opportunity while it lasts to receive your tax credits, and also help a child obtain a quality education.