VA Tax Credit Program (EISTC)

A Win Win Opportunity!

Advance Catholic Education in Lynchburg, VA by helping families in need of tuition assistance scholarships AND receive VA State Tax Credits for your contribution.

Education Improvement Scholarships Tax Credits (EISTC) program

Upcoming Information Sessions Announced in April!

For more information, contact Bruce Hildenberger, Business Manager, 434-847-5436 x103.

How the Program Works:

Under EISTC, contributions to state approved foundations qualify for standard federal and state tax deductions plus Virginia Tax Credits equal to 65% of the donation. In other words, you automatically shave $650 off your Virginia tax bill with a $1,000 contribution, not to mention enjoying your other federal and state deductions.

**Best part, your contribution stays local! The Virginia Department of Education has approved the Catholic Diocese of Richmond’s McMahon Parater Foundation to receive donations under EISTC. Donors may designate their donations to support scholarships to qualified students attending Holy Cross School (see Letter of Intent).

For an individual who is not subject to the federal Alternative Minimum Tax, the actual cost of a $1,000 contribution is just $196. For an individual who is subject to AMT, the actual cost is as low as $12 for a $1,000 contribution (please consult your tax advisor to determine your actual tax savings).

Donors can use the state Tax Credits beginning the year that the donation is made, and for up to five successive years.

Get started by downloading these two documents and mailing to the Diocese of Richmond [address on forms]: Letter of Intent and Preauthorization Form.

The minimum donation amount to receive the 65% tax credit is $500. The maximum amount for individuals is $125,000. There is NO maximum limit for businesses, including sole proprietorships.

This Frequently Asked Questions Sheet shows some specific examples of just how tax-advantaged a donation can be. For a brief overview, please view the Education Improvement Scholarships Tax Credits flyer.