High-Quality Charter Schools Act

Tax Relief for Donors: U.S. citizens or residents can receive a tax credit equal to 75 percent of their qualified contributions to eligible charter school organizations (Section 2, subsection a).

Increased Support for Charter Schools: The bill provides a mechanism to fund the creation or expansion of charter schools through qualified contributions of cash or marketable securities (Section 2, subsection c).

Support for High-Performing Schools: The definition of an eligible organization includes charter schools or management organizations that have been selected by a State for being in the highest 10 percent for student performance (Section 2, subsection c).

Organizational Autonomy: The act aims to allow eligible charter school organizations maximum freedom to meet student needs without governmental control (Section 5, subsection a).

Restrictions on Charitable Deductions: Individuals cannot take a double benefit; any contribution used for this tax credit cannot also be claimed as a charitable contribution under section 170 (Section 2, subsection d).

Contribution Limitations: The credit is capped at the greater of 10 percent of the taxpayer's adjusted gross income or $5,000 (Section 2, subsection b).

Expenditure Requirements for Organizations: Eligible charter school organizations must meet specific requirements to expend their qualified contributions, or they risk losing the ability to receive future qualified contributions (Section 3, subsection a).