Education Improvement Scholarships Tax Credit – EISTC
A Win-Win for Students and Supporters
Qualified donations receive a 65% Virginia Tax Credit!
Students from low-income families, who would otherwise not have access to private school education, now have this opportunity. Supporters of the Anna Julia Cooper Scholarship Foundation make this possible for children in need AND realize a significant tax savings as a result.
The Anna Julia Cooper Scholarship Foundation (AJCSF) was established in 2013 to provide scholarships for students of limited resources, primarily from Richmond’s East End, to attend Anna Julia Cooper School and other independent schools in Richmond, Virginia. Individuals and businesses who contribute to AJCSF, and who pay taxes in the Commonwealth of Virginia, are eligible to receive a 65% state tax credit as part of the Education Improvement Scholarships Tax Credit program. The 65% tax credit may be in addition to current state and federal tax deductions for monetary donations. Please consult with a tax professional to determine what additional deductions are possible for you.
Highlights
Education Improvement Scholarships Tax Credit program
- $25 million in tax credits available each program year
- Tax credits distributed on a first-come, first-served basis
- Minimum donation is $500 per year
- Maximum donation is $125,000 per year for individuals and married couples
- No dollar limit on donations for businesses
- Donations of cash and marketable securities are allowable
- Tax credits may be carried over for five succeeding years
- Businesses may claim the credit against:
- Corporate Income Taxes;
- Virginia Bank Franchise Tax;
- Virginia Public Service Corporations Tax;
- Individual Income Tax
How to Donate
For more information on participating in this worthwhile program, please contact Katherine Reid at [email protected] or 804-822-6610. We will give you the information you need to get started and help walk you through the process.
Process to Obtain a 65% Virginia Tax Credit
- Request the amount of tax credits you would like the Virginia Department of Education (VDOE) to allocate to you. Do this by filling out a Request for Preauthorization for Tax Credits form. Click here to download the request form.
- Return the completed Request for Preauthorization for Tax Credits Form to AJCSF (2100 N. 29th St., Richmond, VA 23223). We will submit your request by secure electronic dropbox to the VDOE. We will then send you an Approval Letter from VDOE by regular mail or email specifying the approval of your tax credit request.
- Complete Part I of the Approval Letter received from the VDOE and return it along with your donation to the Anna Julia Cooper Scholarship Foundation (2100 N. 29th St., Richmond, VA 23223). Please make checks payable to Anna Julia Cooper Scholarship Foundation or AJCSF (Memo: Scholarships Tax Credits). For securities transfers, please contact Laura McGowan at the Foundation at [email protected], or 804-477-5163.
- AJCSF will process the contribution and send the required information to VDOE. You will receive the tax credit certificate from us, either through regular mail or email.
Download your Preauthorization Request for Tax Credits Form here to get started!
Please contact Katherine Reid, [email protected] or 804-822-6610 for more information.
**Anna Julia Cooper Scholarship Foundation is not qualified to offer personal tax advice. Please consult a tax professional if you have questions regarding tax implications of making a gift such as this.**
