Through Virginia’s Education Improvement Scholarships Tax Credit (EISTC) Program, donors can receive a state tax credit equal to 65% of their donation, plus regular tax savings, when they make gifts to the Diocese of Richmond’s McMahon Parater Foundation for Scholarships, designated for students in need at PC. In addition to a 65% Tax Credit, individuals and businesses may also receive federal and state a charitable contribution deduction, and therefore achieve tax savings in two ways.
Gifts through Virginia's EISTC Program can be made in one lump sum payment or in monthly installments.
For example, a gift of $1,000 to McMahon Parater Foundation by an individual donor subject to the Federal Alternative Minimum tax could qualify for the following deductions:
|Federal Tax Savings at 24% rate
|State Tax Savings at 5.75% rate
|EISTC Virginia Tax Credit
|Potential Total Tax Savings (approximate)
|Net Cost of Donation
For more information about EISTC program click here
Additional savings can be realized by donating appreciated stock.
Individual circumstances will vary, please consult your tax advisor to discuss your specific tax savings.
Questions? Contact Robin Thomas, Director of Development & Marketing at (757) 596-7247 ext. 117.