To amend the Internal Revenue Code of 1986 to eliminate the school voucher State tax credit loophole by limiting the double benefit of charitable contributions.

Public Funds for Public Schools Act This bill amends the Internal Revenue Code to require the amount of a taxpayer's deductible charitable contributions to be reduced to account for the benefits of state income tax credits and deductions provided by a state to the taxpayer for a contribution to a specified school voucher organization. A "specified school voucher organization" is an organization with the primary purpose of providing vouchers, scholarships, or other funds for the expenses of students to attend elementary or secondary schools.