- Receive a charitable giving receipt.
- Apply 65% of gift value against taxes owed in the giving year.
- If you pay taxes, you can reduce your tax liability by 75-105%.*
- Determine how your tax dollars are used – to help children receive a quality Christian education.
- Help to improve a community through the values based culture the education you sponsor will provide.
*Renewanation is not a certified tax service organization. Reduced tax liability needs to be determined by donor’s tax preparer.
Who Qualifies to Give?
- Individuals must give a minimum of $500 but may give as much as $125,000 a year.
- There are no limits for businesses, including sole proprietors.
- Individuals and businesses seeking to make a donation to an approved scholarship foundation must must first apply to the Virginia Department of Education (VDOE) for pre-authorization for a specified tax credit amount under the Education Improvement Scholarships Tax Credits Program. Click here for form, provided on the VDOE website (near the bottom of the web page under RESOURCES: FOR DONORS.) NOTE: The RENEWANATION office can help you with this entire process if you like. Just contact email@example.com
- Tax credits are preauthorized to donors on a first come, first served basis.
- A preauthorization notice issued to the donor by VDOE must accompany the donation from the donor to the Renewanation Virginia Scholarship Foundation (RVSF).
- The RVSF will, within 20 days, return the notice to VDOE certifying the donor, the amount of the donation, and the date it was received from the donor.
- Once the donation is received and reported by the RVSF, then VDOE will issue a tax credit certificate to the individual or business donor, which must be submitted with the applicable Virginia tax return in order to claim the credit.
- Pre-authorization notices not acted upon by the donor within 180 calendar days of issuance will become void.