Mercedes Schneider is a careful analyst of tax filings. Although Trump doesn’t have to make his tax returns public, thus revealing any potential conflicts of interest, the law requires charitable organizations to release their financial filings (called their 990 form) with the Internal Revenue Service.

In this post, Schneider reviews the finances of Step Up for Students, which receives donations from corporations to provide vouchers for Students. The corporations, in turn, get a tax credit for their donations. This is Florida’s way of circumventing a provision in the state constitution that forbids spending public money on religious schools. By giving gifts to Step Up, the business supplies the money for the voucher to a third party, not a religious school. Step Up uses the money mostly for religious schools. Many D.C. Insiders think this is the plan that DeVos and Trump will use as a national template because it bypasses thorny Constitutional issues. It is called a “tax credit” program, but it is in reality a way to finance vouchers.

Florida Voucher Nonprofit, Step Up for Students: A Tale of 15 Tax Forms