by James A. Bacon
The Virginia Education Improvement Scholarship Tax Credit Program, which provides state tax credits for charitable donations to approved foundations, saves the Commonwealth $1.78 for every $1.00 in lost tax revenue, concludes a study by Richmond-based Mangum Economics.
In tax year 2019, reduced public school enrollment generated $19.5 million in state savings with a net positive fiscal impact of $8.5 million after accounting for the lost tax revenue, according to the study, “Scholarship Tax Credits in Virginia.”
The study was sponsored by the Thomas Jefferson Institute for Public Policy (TJI), Virginia Council for Private Education, McMahon Parater Scholarship Foundation, Catholic Diocese of Arlington, Virginia Catholic Conference, Anna Julia Cooper School, Virginia Jewish Day Schools, Association of Christian Schools International, and Renewanation. Continue reading