MANHATTAN - Lawmakers are proposing new legislation to financially help families send their kids to school.

A group gathered at Cathedral High School today to show support for the Education Investment Tax Credit, which would offer an incentive for taxpayers to donate money for educational purposes, both public and private.

If passed, it would give a dollar-to-dollar reduction in state taxes for those who donate to public schools, or to scholarships for families looking to send their children to private schools.

Among the leaders present at the high school were Cardinal Timothy Dolan and Brooklyn Bishop Nicholas DiMarzio.

Supporters estimate the total increase of donations from this bill would be as much as $300 million per year. This tax credit would also apply to teachers who pay for classroom supplies out of their own pockets.

These leaders are hopeful that the Education Investment Tax Credit, which has already passed the Senate, will become a part of this year's state budget.