From the American Thinker
On the heels of tax season, Americans are looking for breaks. The date for filing may have passed, but some education reform movements have maneuvered into smart funding avenues with big tax benefits. This year, more Americans than ever before are eligible to take advantage of special education tax incentive programs that not only support increased opportunities, but save taxpayer dollars.
A trending education reform movement, state-run savings or scholarship accounts, are on the fast track to becoming law in as many as a dozen states, where tax-exempt dollars can translate into long-term savings.
Special-needs students are one prominent focus standing to benefit from this trend. Even in the lowest- spending states, costs for special needs students can exceed $20,000 annually. Other programs benefit children from low-income families.
For all Americans, the federal Coverdell Education Savings Account program and 529k plans have offered parents long-term, interest-building, tax-exempt vehicles for education savings since the late 1990s. Growth has slowed for Coverdells, and 529ks tend to be isolated in wealthier households. Education scholarship accounts have the potential to reinvigorate both long-term savings programs and affect broad improvement in students’ postsecondary financial options.
Empowerment Scholarship Accounts in Arizona and Personal Learning Scholarship Accounts in Florida open wide the horizon of educational opportunity. Both programs, successful and cost effective, direct a portion of per pupil funding into eligible student accounts. Parents or guardians can direct scholarship funds to best fit student needs, whether that be a private school that can tailor a more personalized academic track, private tutors, or therapists to address special needs, online or college courses or savings for postsecondary education.
Fiscally smart and academically effective, programs like these are fast gaining legislative favor.
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