Dear Friends,

We are pleased to share an important update on the Federal Scholarship Tax Credit program we wrote about in the spring.

The U.S. Department of the Treasury has released long-awaited guidance (read the full IRS guidance here), providing greater clarity on how the program will work. One particularly exciting detail: married couples filing jointly may be eligible for a combined federal tax credit of up to $3,400.

As a reminder, the program would allow eligible taxpayers to receive a federal tax credit for contributions to qualifying scholarship-granting organizations, creating new resources for educational opportunity.

The remaining step is for New York to formally opt-in. Governor Kathy Hochul has indicated her support, but the state has not yet made participation official. We continue to await that decision.

Once New York opts in, SSP will be ready to mobilize our community, and you will be hearing from us! This could be a tremendous opportunity to generate new scholarship resources for our students and families and expand access to opportunity across New York City.

We will keep you updated as soon as we have news.

With gratitude,