Tax Credit Scholarships
Donations to Richmond Jewish Foundation’s Education Tax Credit Scholarship Fund provides scholarships for low-income new students at non-public schools. Individual or business donors receive a tax credit equal to 65% of the donation.
The minimum donation amount is $500. The maximum donation amount for individuals $125,000 and married couples is $250,000. There is no maximum limit for any business entity.
Individuals can use the tax credits against their Virginia personal income tax liability. The amount of the tax credits may not exceed the donor’s tax liability for the year in which the credit is claimed, but tax credits may be carried over for up to five succeeding years.
In addition to a 65% tax credit, individuals and businesses may also receive a deduction for a charitable contribution, and therefore achieve tax savings in two ways: For the year of the donation, they may be able to take a deduction against taxable income as a charitable donation on both their federal and state income taxes
- For the year of the donation, donors receive a credit against Virginia taxes
- Tax credits equals 65 % of the amount of the donation
- 35% of the donation may be eligible for a federal tax deduction
IMPORTANT: Consult your tax advisor to determine your specific tax savings.
Process for Obtaining Tax Credits
Download Preauthorization Form
Send the completed form to RJF @ Finance@rjfoundation.org
RJF will notify you when your Preauthorization Form has been approved
Return the Preauthorization Notice with your check or securities transfer information to RJF within 180 days of the date of the Notice. (Tax credits become void after 180 days.) Make checks payable to Richmond Jewish Foundation.
After You Make Your Donation
Within 20 days of receiving your gift, RJF will:
Within 30 days of receiving notice of payment, the DOE will issue your Tax Credit Certificate.
The Tax Credit Certificate must be attached to the tax return in which the credits are being claimed.
For the year of the donation, you may take a credit against Virginia taxes and for up to five successive years.
Richmond Jewish Foundation does not limit scholarships to students of one school.
Families Applying for Students
Requirements:
- Children receiving these scholarships must come from families whose annual household income is less than 300 percent of the current poverty guidelines.
- For children with disabilities, the family’s household income must be no more than 400 percent of the poverty level.
- In addition, the children must be residents of Virginia, and fit one of these criteria:
- are eligible to enter pre k, kindergarten or first grade, OR
- attended a Commonwealth public school for at least half of the current or prior school year, OR
- were not Virginia residents during the preceding school year, OR
- were prior recipients of a scholarship under this program.
- A student must first apply through their school to be considered eligible for a tax credit scholarship from RJF.
Administrative Costs
By statute, at least 90% of the donation must be used to provide scholarships. RJF may use up to 10% of the donation to cover the costs of administrating the scholarship program. Every effort will be made to minimize the administrative costs, in order to provide the maximum in scholarship support.
Fill out the form below to apply