The American Federation for Children, the nation’s voice for educational choice, highlights Virginia’s Education Improvement Scholarships Tax Credits Program as part of the #41Days of school choice initiative.
Enacted in 2012, this tax credit program was designed for children from low-income families to have increased access to high-quality education options. The program allows corporations and individuals to make a difference in the education of hundreds of students statewide by granting a tax credit value of 65 percent on all donations made to scholarship foundations. Tax credits are capped at $25 million per year and given to recipients on a first-come, first-serve basis. Individuals can donate a minimum of $500 dollars up to a maximum of $125,000 per tax year, while corporations are not limited in their donation size. Unlike many other tax credit programs, Virginia also accepts the donation of marketable securities in addition to lump sum dollar amounts.
“No child should be confined to a poor quality education, simply because of his or her ZIP code,” said Kevin P. Chavous, executive counsel to the American Federation for Children. “Allowing the community to come together to be part of the solution and putting children first is something we need to duplicate across the country.”
- A scholarship recipient’s family income cannot exceed 300 percent of the federal poverty guideline ($70,650 for a family of four in 2013)
- Students must attend public school in the previous year or entering kindergarten or first grade
- Scholarships are capped to whichever is the lesser amount: 100 percent of the state per-pupil funding, or tuition and instructional fees and materials
For more information about this program visit http://bit.ly/1tAWuuW