The cost to the state to fund these ESAs would be $500 million (the maximum amount of tax credit disbursements allowed). Foundation allowance payments to public schools would be reduced by $391.5 million (= 45,000 x $8,700).
The net fiscal impact on the state would be a cost of $108.5 million (= $500 million – $391.5 million), or $1,447 per ESA.