Virginia Tax Credits Scholarships Program
The Virginia Tax Credits Scholarships Program provides state tax credits for persons or businesses making monetary or marketable securities donations to approved scholarship foundations that provide scholarships to eligible students for qualified educational expenses incurred in attending eligible nonpublic schools.
Potomac Conference Education Foundation
The Potomac Conference Education Foundation is a scholarship foundation approved to participate in the Virginia Tax Credits Scholarships Program. The Foundation’s emphasis is on using funds donated through the Virginia Tax Credits Scholarships Program to provide scholarships to financially eligible students so they can attend Adventist schools.
Your Dollars Working for Christian Education …and for You!
Find out how your generosity
can help more kids while also benefiting
Your money at work
for kids and you!
Let’s say you’re in the 25% federal and 5% state tax bracket, you itemize deductions, and donate $1,000 to the Foundation…
You receive a Virginia tax credit of $650
Your savings from federal and state deductions are $105
RESULT: YOUR COST IS
only $245 for a
Apply Now for the Virginia Tax Credits Scholarships Program
The Virginia Tax Credits Scholarships Program is a great way to put your donations to work for Virginia’s kids in need—while giving you an exceptional tax incentive. Your actual cost to participate in the Program—after receiving tax benefits—is minimal. You receive a tax credit against your Virginia taxes equal to 65% of the amount of your donation. In addition, if you itemize deductions, 35% of your donation is generally deductible as a charitable donation on both federal and state income taxes.
More About the Program…
- The minimum donation amount is $500; the maximum for individuals and married couples is $125,000. There is no maximum limit for any business entity.
- Businesses can claim the Education Improvement Scholarships tax credits against Virginia Corporate Income taxes, Bank Franchise Tax, Insurance Premiums License Tax, and Public Service Corporations Tax, as well as personal income taxes via pass-through entities such as S-Corporations, LLCs and Partnerships.
- The amount of the tax credits may not exceed your tax liability for the year in which the credit is claimed, but tax credits may be carried over for up to five succeeding years.
- Credit is non-transferable.
- You can earmark your contributions to support scholarships at specific schools, but not for a specific student.
If you have questions or
would like more details about
the Program, contact PCEF at
540-886-0771 or APPLY NOW!