Late yesterday, the Senate released its tax bill. National Alliance President and CEO Nina Rees has released the following statement:
“We are pleased and grateful that Chairman Hatch and the Senate Finance Committee, in the just-released tax bill, recognize how important New Market Tax Credits (NMTCs), Private Activity Bonds (PABs), and Qualified Zone Academy Bonds (QZABs) are to efforts to meet the demand for high-quality charter schools.
“Unlike their district public school counterparts, public charter schools are dependent on finding alternative and cost-effective means of accessing capital for their buildings. In many states, charter schools receive no public funding for facilities. Without financial instruments like NMTCs, PABs, and QZABs, charter schools would have to divert resources away from high quality classroom instruction and into facilities.
“The Senate Finance Committee, by protecting these financial instruments in their tax bill, has protected quality, access, and safety for charter school students throughout the country.
“The Senate bill stands in sharp contrast to the House bill, which—by eliminating NMTCs and PABs—would undermine charter schools’ ability to acquire and maintain safe and appropriate school space. In doing so, the House bill undermines the hundreds of thousands of families who want and deserve high-quality public school options.”