S. 4297

119 S4297 IS: Keep Public Funds in Public Schools Act
 U.S. Senate
 2026-04-15
 text/xml
 EN
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 II  119th CONGRESS  2d Session  S. 4297  IN THE SENATE OF THE UNITED STATES   April 15 (legislative day, April 14), 2026   Mr. Kelly  (for himself,  Ms. Hirono ,  Mr. Sanders ,  Mr. Reed ,  Mr. Luján ,  Ms. Duckworth ,  Mr. Van Hollen ,  Mr. Schiff ,  Mr. Murphy ,  Ms. Warren ,  Ms. Smith ,  Mr. Blumenthal ,  Mr. Merkley ,  Mr. Coons ,  Mrs. Shaheen ,  Mr. Markey ,  Mr. Welch ,  Ms. Blunt Rochester ,  Mr. King ,  Mr. Wyden ,  Mr. Fetterman ,  Mr. Schumer ,  Mr. Kim ,  Mr. Bennet ,  Mrs. Gillibrand ,  Mr. Kaine ,  Mr. Durbin ,  Mr. Heinrich ,  Mr. Padilla , and  Mr. Booker ) introduced the following bill; which was read twice and referred to the  Committee on Finance    A BILL
To amend the Internal Revenue Code of 1986 to repeal the tax credit for contributions of individuals to scholarship granting organizations, and for other purposes.
1.
Short title
This Act may be cited as the   Keep Public Funds in Public Schools Act  .
2.
Repeal of tax credit for contributions to scholarship granting organizations
(a)
Tax credit
(1)
In general
Subpart A of part IV of subchapter A of  chapter 1  of the Internal Revenue Code of 1986 is amended by striking section 25F.
(2)
Conforming amendments
(A)
Section 25(e)(1)(C) of such Code is amended by striking  25D, and 25F  and inserting  and 25D .
(B)
The table of sections for subpart A of part IV of subchapter A of chapter 1 of such Code is amended by striking the item relating to section 25F.
(b)
Exclusion from gross income
(1)
In general
Part III of subchapter B of  chapter 1  of the Internal Revenue Code of 1986 is amended by striking section 139K.
(2)
Conforming amendment
The table of sections for part III of subchapter B of chapter 1 of such Code is amended by striking the item relating to section 139K.
(c)
Effective date
(1)
In general
Except as otherwise provided in this subsection, the amendments made by this section shall apply to taxable years ending after December 31, 2026.
(2)
Exclusion from gross income
The amendments made by subsection (b) shall apply to amounts received after December 31, 2026, in taxable years ending after such date.