Virginia Education Improvement Scholarships Tax Credits
Virginia’s new Education Improvement Scholarships Tax Credits program provides scholarships for qualifying students to attend Portsmouth Catholic Regional School. Funds for these scholarships come from individuals and businesses making contributions to the McMahon Parater Foundation of the Catholic Diocese of Richmond, for which the donors receive a Virginia tax credit equal to 65% of the donation. In addition to the 65% Virginia Tax Credit, individuals and businesses may also receive federal and state deductions for these charitable contributions, and therefore achieve tax savings in two ways. Tax credits can be used against individual or business Virginia tax liability for the year following the year the donation was made, and may be carried over for up to five years. The minimum donation amount is $500; the maximum donation for individuals is $125,000, but there is no maximum limit for businesses, including sole proprietorships. Donations may be monetary or marketable securities.
Contact Mark Zafra for additional information.