Tax Cuts and Jobs Act of 2017 is doing more than just putting money back in the pockets of Americans, it is helping educate our children too!
U.S. Secretary of Education Betsy DeVos announced last week that Department of Education is set to support the expansion of public charter schools in areas that have fallen on times of economic hardship.
The new push to expand charter schools in these communities, is designated as “opportunity zones” under the Tax Cuts and Jobs Act of 2017. The act allotted federal funds to incentivize investment by offering tax benefits to those willing to pour resources into low-income, high-poverty areas. And now these incentives are paying off in the form of more and better options for education.
According to a 2018 report by the National Charter School Resource Center, charter schools in 44 states have the potential to be financed via opportunity zone tax breaks. The report estimates that between 1,078 and 2,079 schools could use the program to fund new buildings or renovations.
In the announcement, DeVos stated she expects the expansion of charter schools to have a “long-lasting impact” on the communities, and we agree! The TCJA continues to ripple through all communities and positively impact the things Americans care about most: higher wages, more jobs, and now education.