- Obtain a charitable giving receipt.
- Receive 65% of the gift value of your approved donation as a State Tax Credit.
- For those that choose to itemize, you may earn additional tax benefits as a charitable donation from the proceeds donated (Federal & State).
- If you pay taxes and itemize, you may reduce your tax liability by 75-105%.*
- Tax credits may be claimed in the same year donated or carried over to the next 5 succeeding taxable years.
- Benefits apply to both individuals and businesses.
- Monetary and marketable security donations accepted.
- Direct your tax dollars 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 donate as much as $125,000 per 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. NOTE: The RENEWANATION office can help you with this entire process if you like. Just contact email@example.com or firstname.lastname@example.org
- As there is a state mandated annual cap of $25 million in credits, tax credits are preauthorized to donors on a first come, first served basis.
- An Approval Letter issued to the donor by VDOE must accompany the donation from the donor to the Renewanation Virginia Scholarship Foundation (RVSF).
- The RVSF will promptly electronically return the approval 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, VDOE will issue a tax credit certificate to the individual or business donor to be utilized when filing annual taxes.
- Approval Letters not acted upon by the donor within 180 calendar days of issuance will expire and become void.