"Opportunity Scholarship Act"; establishes pilot program in Department of Treasury providing tax credits to taxpayers contributing to scholarships for low-income children.

The Opportunity Scholarship Act (S 3077) creates a five-year pilot program providing tax credits to New Jersey taxpayers who contribute to scholarship organizations supporting low-income children. The program targets students from households earning no more than 250% of the federal poverty threshold who attend chronically failing schools in eight specific districts (Asbury Park, Camden, Elizabeth, Lakewood, Newark, Orange, Passaic, and Perth Amboy). Taxpayers can claim a credit equal to 100% of their contribution (minimum $100 for gross income tax credit), with annual scholarship caps increasing from 2,500 in year one to 10,000 in years four and five. Scholarships can be used at eligible public or nonpublic schools that meet specific requirements, and the program includes annual evaluations to assess its impact on student achievement and school funding.