The Senate approved Murphy’s two STO bills
FOR THE CHILDREN- The Senate approved Murphy’s two STO bills yesterday, and as expected, the vote was divided along party lines. Democrats opposed the measures while Republicans backed them. S1047 (tax credit; school tuition organizations) would double the amount that taxpayers can claim for contributions to STOs, up to $1,000 for individuals and up to $2,000 for married couples. But it also places restrictions on where the contributions under the new “excess STO credit” may go. The other measure, S1048 (STOs; credits; administration), allows corporations to count treasury stock as contributions to STOs in order to receive tax credits. Both bills received a 19-9 vote. There wasn’t much discussion during the third reading, but there was a debate on Wednesday, when the two measures were approved in COW. Aboud tried to amend both bills to require that 92.5 percent of STO contributions go to scholarships. Current law requires at least 90 percent of STO revenues go to scholarships.
