State governments are facing declining tax revenues and increasing budgetary demands. So lawmakers should take note of a state report from Florida released today that concludes Florida is saving millions of dollars with school choice.
School choice is the only policy that means huge returns for state governments, school districts, taxpayers, and children all at the same time.
The Office of Program Policy Analysis & Government Accountability found that taxpayers saved about $39 million, close to 50 cents for ever dollar donated through Florida’s education tax credit program last year. The report concludes much more could be saved if politicians expand the program and give families more choice.
Florida’s education tax credit program allows businesses to take dollar-for-dollar tax credits on money they donate to scholarship organizations that help kids attend private schools. Instead of sending a portion of their tax bill to the state, businesses can choose to support alternative education options for needy children and save taxpayers a bundle as well.
Florida needs to expand their program and other states need to catch up with the seven that already have education tax credit programs.