Lifting the Charter cap or 39% Federal Tax Credit?
Don’t think for one minute that this is about the test scores of “poor urban children” and the “miracle” of charter schools! It is about New Market Tax Credit (NMTC) investors! That is why the Boston Foundation and the New Schools Venture Fund, “headquartered in Oakland, California” are involved. All the way from California, they are venturing out here to Massachusetts to support the Boston Foundation to eliminate the “charter cap.” WOW! Now, “non-profit” should not be confused with charity, the Boston Foundation and the New Schools Venture fund represents large corporations, institutions, foundations and large “non-profits” who make up that “coalition of education reformers who are “pushing to eliminate the cap on charters in the lowest-performing districts.”
The New Markets Tax Credit (NMTC) is a non-refundable TAX CREDIT that provides investors with a 39% FEDERAL TAX CREDIT. Investors must retain their interest in a qualified equity investment throughout a seven-year period, or risk forfeiture of that interest. The tax credit enables community development entities (CDEs) to raise private capital to acquire, construct, renovate or lease academic facilities in partnership with charter school operators. The NMTC expired on December 31, 2011, and after heavy lobbying from that “coalition of education reformers” which included here in Boston
Boston Community Capital - Roxbury, MA
Brooke Charter Schools - Boston, MA
Charter School Financing Partnership LLC - Boston, MA
Community Day Charter School - Lawrence, MA
Massachusetts Charter Public School Association - Boston, MA
Match Charter Public Schools - Boston, MA
Disappointedly, on April 17, 2013, President Obama signed a permanent extension of the NMTC without placing the safe guards that would prevent a corporate greed “get even more rich” scheme. These ed reform poverty pimps want to bring public schools into their portfolio of charter segregation academies! Don’t be hoodwinked, removing the charter cap in Massachusetts isn’t about poor urban children receiving a quality education at all, this is about poverty-pimp “investors” making and keeping their money!
http://www.novoco.com/new_markets/resource_files/advocacy/charter_schools_urge_extension_111212.pdf
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