The groundbreaking new federal education tax credit that stands to change Colorado children’s lives — and that the legislature unsuccessfully tried to sabotage — could infuse $329 million a year into the education of the state’s K-12 kids. 

Public schools alone could receive approximately $66 million of that total in additional funding annually. 

Fundamentally, up to 36,000 more students will be able to attend the school of their choice.

Those are among the findings of a recent Common Sense Institute report assuming 10% participation in the tax credit by Colorado’s 3 million tax filers, each giving the maximum amount. And that’s just a smattering of the tax credit’s rippling benefits to the public.

Created by Congress last summer and made available to all states that opt in, the Education Freedom Tax Credit is a game changer. It covers charitable donations to nonprofit scholarship organizations that help pay the cost of schooling for K-12 students of modest means. The scholarships can be used for a range of education expenses, from tutoring for kids in public schools, to private-school tuition.

In other words, it stands to be a breakthrough for some of our state’s neediest kids — kids who deserve a better education and a brighter future but are trapped in underperforming or failing neighborhood schools.

It’s why Gov. Jared Polis embraced the new policy, making Colorado one of 27 states to opt in. As a founder of two public charter schools, Polis is a longtime advocate of providing more schooling options and greater educational opportunity for Colorado’s kids, especially for families who can’t afford it. 

Which means the federally funded tax credit, now in effect, is a win-win. It enhances options and opportunity for Colorado’s kids at no cost to the state’s strapped budget or to local school districts.

So, of course, the state’s largest teachers union — which regards “choice” as a four-letter word, at least, when it comes to education — tried last March to boobytrap the tax credit. The union’s minions in the legislature floated a bill to impose new regulations related to admissions and hiring at private schools that go far beyond those required by current state or federal law. The effect would have been to smother participation especially by smaller private schools and parochial schools — staples of the supply line of schooling to kids participating in the program.

Fortunately, Polis’ out-front enthusiasm for the federal tax credit — and, no doubt, his behind-the-scenes intervention in the legislature — served to stop the kid-crushing bill in its tracks.

Now, according to the Common Sense analysis, the benefits will flow to Colorado.

Owning not only to the tax credit’s direct windfall to schools, but also to the fact it will keep more money in the state by reducing Coloradans’ federal tax bills, the entire economy will benefit. Assuming 10% participation by taxpayers, approximately 8,000 additional jobs will be created annually. It will contribute nearly $5.2 billion to Colorado’s GDP. More than $3.7 billion in additional personal income will be generated, equal to roughly $600 per Coloradan. 

And we can expect more than $1.1 billion in additional wages paid to teachers, teachers’ aides, and other education providers, Common Sense found.

Come to think of it, it’s a win-win-plus — a gift that will keep on giving.