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139 STAT. 216 PUBLIC LAW 119–21—JULY 4, 2025 ‘‘(5) SCHOLARSHIP GRANTING ORGANIZATION.—The term ‘scholarship granting organization’ means any organization— ‘‘(A) which— ‘‘(i) is described in section 501(c)(3) and exempt from tax under section 501(a), and ‘‘(ii) is not a private foundation, ‘‘(B) which prevents the co-mingling of qualified con- tributions with other amounts by maintaining one or more separate accounts exclusively for qualified contributions, ‘‘(C) which satisfies the requirements of subsection (d), and ‘‘(D) which is included on the list submitted for the applicable covered State under subsection (g) for the applicable year. ‘‘(d) REQUIREMENTS FOR SCHOLARSHIP GRANTING ORGANIZA- TIONS.— ‘‘(1) IN GENERAL.—An organization meets the requirements of this subsection if— ‘‘(A) such organization provides scholarships to 10 or more students who do not all attend the same school, ‘‘(B) such organization spends not less than 90 percent of the income of the organization on scholarships for eligible students, ‘‘(C) such organization does not provide scholarships for any expenses other than qualified elementary or sec- ondary education expenses, ‘‘(D) such organization provides a scholarship to eligible students with a priority for— ‘‘(i) students awarded a scholarship the previous school year, and ‘‘(ii) after application of clause (i), any eligible stu- dents who have a sibling who was awarded a scholar- ship from such organization, ‘‘(E) such organization does not earmark or set aside contributions for scholarships on behalf of any particular student, and ‘‘(F) such organization— ‘‘(i) verifies the annual household income and family size of eligible students who apply for scholar- ships to ensure such students meet the requirement of subsection (c)(2)(A), and ‘‘(ii) limits the awarding of scholarships to eligible students who are a member of a household for which the income does not exceed the amount established under subsection (c)(2)(A). ‘‘(2) PROHIBITION ON SELF-DEALING.— ‘‘(A) IN GENERAL.—A scholarship granting organization may not award a scholarship to any disqualified person. ‘‘(B) DISQUALIFIED PERSON.—For purposes of this para- graph, a disqualified person shall be determined pursuant to rules similar to the rules of section 4946. ‘‘(e) DENIAL OF DOUBLE BENEFIT.—Any qualified contribution for which a credit is allowed under this section shall not be taken into account as a charitable contribution for purposes of section 170. ‘‘(f) CARRYFORWARD OF UNUSED CREDIT.—