Florida Tax Credit Scholarships
To expand educational opportunities for children of families that have limited financial resources and to enable children in this state to achieve a greater level of excellence in their education, the Florida Legislature created the Florida Tax Credit Scholarship Program in 2001. The law provides for state tax credits for contributions to nonprofit scholarship funding organizations, (SFOs). The SFOs then award scholarships to eligible children of low-income families.
The tax credit cap for the current year is $559,082,031. The tax credit cap amount will increase to $698,852,539 for the 2017-2018 state fiscal year.