It’s not too late to earn Virginia State Tax Credits!

 

It’s not too late to earn Virginia tax credits in 2015!!  The Virginia Education Improvement Scholarships Tax Credit Program is a way to support educational opportunities for local students and receive a 65% Virginia state tax credit on top of current state and federal charitable deductions. These state tax credits may be used in the tax year they are issued.

This program is similar to NAP credits but is for individual or business donors interested in supporting scholarships at private K-12 schools in Virginia. Donations provide scholarship funds to support students of families that meet financial need criteria. Donors may not specify a specific school or a specific student to support. The credits may not exceed the tax liability, but can be carried over for five succeeding years.

This year, the state has authorized up to $25 million in Education Improvement Tax Credits. The credits are readily available, but The Community Foundation must submit all preauthorization requests in order for donors to receive the tax credits for calendar year 2015 tax filings.  Authorization approval from VDOE must be granted before a taxpayer to can make a qualified donation. Please note that donation checks may not be written before authorization is received. 

The Community Foundation of Harrisonburg & Rockingham County is an approved scholarship foundation for the Virginia Department of Education (VDOE). The Community Foundation staff will be glad to help you work through the process and we can expedite application for these credits by sending forms electronically to the state. Program details can be found, along with the Preauthorization Form, on the VDOE website at http://www.doe.virginia.gov/school_finance/scholarships_tax_credits/.

Please contact Ann Siciliano at 540-432-3863 if you have questions regarding this program, or email a completed preauthorization form to [email protected] .

Year-End Deadlines

2015 year-end deadlines are coming soon! December is one of the busiest months of the entire year for staff at The Community Foundation of Harrisonburg & Rockingham County. Please be sure to reference the following deadlines to be sure we provide you with the best service possible:

December 1 – Virginia Department of Education Preauthorization Request Forms must be submitted for the Education Improvement Scholarships Tax Credits Program. If you wish to take advantage of the opportunity for a 65% Virginia State tax credit offered through the VDOE tax credit program, please contact Ann Siciliano at 540-432-3863 with any questions.

December 11 – Grant Requests should be received by The Community Foundation to guarantee processing in 2015. If you wish to send a grant and have a Donor Central account, you should make your requests through Donor Central. Otherwise, please send a Grant Recommendations form to Revlan Hill at [email protected]

December 30 – Gifts of stock and mutual funds must be received by The Community Foundation by 2:00PM. If you have questions or need assistance regarding gifts of stock or mutual funds, please reference our Stock Transfer Instructions form or contact Revlan Hill.

December 31 – Gifts to The Community Foundation must be postmarked by this date or hand-delivered to the office by noon. Our office usually closes early on the last day of the year.

We appreciate your attention to our year-end deadlines. We will make every attempt to assist you in a timely manner and we appreciate your patience as we process a much higher volume of gifts and grant requests at the end of the calendar year.

Thank you for your generosity which benefits our community!