TALLAHASSEE, Fla. - Gov. Charlie Crist has signed a bill expanding a private school voucher program for low-income students.
The new law (SB 2126) signed Thursday raises an annual spending cap from $118 million to $140 million the first year and allows incremental increases after that. The program now is supported by credits on corporate income and insurance premium taxes in exchange for donations.
The law would add three new credits on beverage taxes, oil and gas severance taxes and a form of sales tax paid by some businesses. It also would add about $140 to the value of the vouchers - now $3,950 - in the first year and in steps after that until they reach 80 percent of what public schools spend, which would be at least $5,500.