Sec. 1. 10 MRSA §1100-Y, sub-§2, ¶B, as enacted by PL 2001, c. 700, §1, is amended to read:

B. Following initial certification pursuant to paragraph A, annual certification standards for a qualified scholarship organization must include the requirement that the qualified scholarship organization has awarded in the form of need-based scholarships at least 95% of the contributions received during the preceding calendar year that are eligible for a tax credit under Title 36, section 2527 or 5219-U or demonstrates that it has a spending policy of awarding no less than 4% of the value of the scholarship fund that was created or contributed to during the preceding year.

SUMMARY

This bill expands income tax credits for contributions to promote higher educational attainment by extending coverage to contributions to higher educational endowments that have a policy of awarding no less than 4% of the value of the scholarship fund during a calendar year.