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Oct 29 2019

Donation tax credit




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Education Improvement Scholarships Tax Credits Program

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Guidelines for the Education Improvement Scholarships Tax Credit Program

​The public comments received for the revised Guidelines for the Education Improvement Scholarships Tax Credit Program at the link below are under review. Final guidelines will be posted as soon as possible.

The Education Improvement Scholarships Tax Credits Program (EISTCP) provides state tax credits for persons or businesses making monetary or marketable securities donations to approved scholarship foundations that provide scholarships to 1) students and eligible students with a disability to attend eligible nonpublic schools in Virginia, and/or 2) eligible pre-kindergarten children to attend eligible nonpublic pre-kindergarten programs in Virginia.

  • Sections 58.1-439.25-28 of the Code of Virginia
  • Gu >-This is a Word document. (Word) – Effective October 16, 2018

Scholarship Foundations

To be eligible for participation in the EISTCP, scholarship foundations must apply to VDOE to be approved to receive and administer tax credit-approved funds. Any donations that are made prior to the date the application is approved by VDOE will not qualify for the tax credit.

  • Application for Approval as a Scholarship Foundation (Word) Fillable Form – Organizations must use this application form to be approved as a scholarship foundation under the EISTC program
  • Approved Scholarship Foundations -This is a Word document. (Word) Revised June 3, 2019 – List of scholarship foundations eligible to receive tax credit-derived donations

Tax Credits

To be eligible for a tax credit, donors must be preauthorized by VDOE before the donation is made. The tax credit is equal to 65 percent of the monetary or marketable securities donation, and may be claimed against the individual income tax, corporate income tax, bank franchise tax, insurance premiums license tax, or tax on public service corporations. Tax credits issued by VDOE may be claimed for the taxable year in which the donation was made to a qualified scholarship foundation. Any unused tax credits may be carried over for the next five succeeding taxable years or until the total amount of the credit has been taken, whichever is sooner. The total amount of tax credits that may be issued in each program year (i.e., state fiscal year) is $25 million. For more information, go to Qualified Donations & the Tax Credit Approval Process.

  • Preauthorization Request Form (Word) Fillable Form – Use this form to request preauthorization for a specified tax credit amount.
  • Summary of Preauthorized Tax Credits -This is a Word documen (Word) – Revised Sepbember 3, 2019

Education Expenses Scholarships

An approved scholarship foundation is required to disburse at least 90 percent of the tax credit-derived donations it receives (for which tax credits are issued) between July 1 and June 30, by the immediately following June 30, in the form of scholarships for qualified education expenses to 1) students and eligible students with a disability to attend eligible non-public schools in Virginia, or 2) eligible pre-kindergarten children to attend eligible nonpublic pre-kindergarten programs. The maximum amount of scholarships to a student or an eligible student with a disability who does not meet the requirements of § 58.1-439.28 E.2. for any single school year by all eligible scholarship foundations from tax credit-derived donations may not exceed the lesser of: (i) the actual qualified educational expenses of the student, or (ii) 100 percent of the per pupil amount distributed to the school division (in which the student resides) as the state’s share of the Standards of Quality (SOQ) costs. The maximum amount of scholarships to an eligible pre-kindergarten child for any single school year by all eligible scholarship foundations from tax credit-derived donations may not exceed the lesser of the actual qualified educational expenses of the child, or the state share of the grant per child under the Virginia Preschool Initiative for the locality in which the eligible pre-kindergarten child resides.

  • The following links prov >-This is a Word document. (Word)
  • VPI Amounts for Pre-K Scholarships Awarded for Program Year 2019-2020 -This is a Word document. (Word)
  • Scholarship Limits for Scholarships Awarded for the Program Year 2018-2019 -This is a Word document. (Word)
  • Reports to the Chairmen of the House and Senate Finance Committees on Scholarships Awarded
    • Report to the Chairmen of the House and Senate Finance Committees for FY 2018
    • Report to the Chairmen of the House and Senate Finance Committees for FY 2017
    • Report to the Chairmen of the House and Senate Finance Committees for FY 2016
    • Report to the Chairmen of the House and Senate Finance Committees for FY 2015
  • Eligible Private Schools and Non-Public Pre-Kindergarten Programs

    See Guidelines for the Education Improvement Scholarships Tax Credit Program for eligibility requirements, including reporting requirements . Requirements for an eligible private school include compliance with nonpublic school accreditation requirements as set forth in Section 22.1-19 of the Code of Virginia, and administered by the Virginia Council for Private Education (VCPE) or the maintenance of an assessment system that annually measures scholarship students’ progress in reading and math using a national norm-referenced achievement test recognized by the Department of Education

    • Virginia Council for Private Education (VCPE)
    • List of Norm-referenced Achievement Tests -This is a Word document. (Word) – List of achievement tests that are norm-referenced, and a list of achievement tests that are not cons >-This is a Word document. (Word) – Information related to the requirements referenced in § 58.1-439.28.D of the Code of Virginia.
    • Student Achievement Test Result for School Year 2016-2017 -This is a Word document. (Word) – Information related to the requirements referenced in § 58.1-439.28.D of the Code of Virginia.

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    Donation tax credit

    SOURCE: http://www.doe.virginia.gov/school_finance/scholarships_tax_credits/index.shtml


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