Education Tax Credit

Virginia Education Improvement Scholarships Tax Credits

Mahon_Parater_Logo(1)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.

To obtain Tax Credits for a scholarship donation under this new program, obtain a blank Letter of Intent and Preauthorization Form prior to making a contribution.

Contact the school office for additional information.