Tax Credit Scholarships ADD SCHOOL NAME Save the day for a student and save on your taxes A tool to help students access a ADD SCHOOL NAME education Indiana School Scholarship Tax Credit Program INSERT SCHOOL LOGO HERE ID: 764359
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Tax Credit Scholarships ADD SCHOOL NAME
Save the day for a student and save on your taxes! A tool to help students access a ADD SCHOOL NAME education Indiana School Scholarship Tax Credit Program INSERT SCHOOL LOGO HERE
School Scholarship Tax Credit Program Encourages Private Donations Through Scholarship Granting Organizations (SGOs) To provide scholarships for eligible students 50% STATE TAX CREDIT! PARTNERSHIP INSERT SCHOOL LOGO HERE
Tax Credit 50% of the value of the donation as a state tax credit The credit is applied toward Indiana Income tax liability No limit on the amount that can be donated by individuals or businesses Credits can be carried forward for 9 years Indiana allocated $14 million in tax credits this fiscal year You will receive a receipt letter with tax certification number Claim it as a federal charitable contribution if you itemize $14M 2018-19
For example: $1,000 SEC Donation ($500) Indiana Tax Credit $500 True cost If you itemize, be sure to include your SGO donation as a charitable deduction. For some donors, a federal tax savings will result. CONSULT YOUR TAX PROFESSIONAL ABOUT HOW IT MAY IMACT YOU. MATH
On August 27, 2018, IRS published regulations that would change the way that charitable donations are defined going forward. IF regulations pass as proposed, donors who itemize would only claim 50% of the donation as a charitable deduction on their federal tax return. How do IRS changes impact my donation? IF your state and local tax (SALT) deductions are <$10,000 IF your state and local tax (SALT) deductions are >$10,000 CLAIM THE GIFT as a charitable contribution. Your tax benefit will be offset by the state tax savings. CLAIM THE GIFT as a charitable contribution. Your tax benefit will be THE SAME as it was in 2017 and previous years . PLEASE CONSULT A TAX PROFESSIONAL WHO UNDERSTANDS YOUR TAX SITUATION
Ways to Give Check – with a completed Donation Form Donate Stocks or Securities (form on website) Donate Online – use a credit card or a checking account; can setup recurring donations Make a Qualified Charitable Distribution directly from an IRA (see brochure) www.s4ec.com/donors INSERT SCHOOL URL HERE
Scholarship Recipients Eligibility requirements: Resident of Indiana Between 5 and 22 years of age and enrolled in an eligible school (K-12) Household income below the limits The school determines the scholarship amount, using their financial aid policies. 5-22 K-12
SCHOOL NAME has provided tax credit scholarships totaling xxxxx over the past yyyyy years. The need is higher than available funds. IMPACT ” Last year was [our daughter's] first year in a private school setting and we saw her flourish. This was the best choice we have made as parents, I just wish it was a little more affordable for some families.” “The opportunity for our children to attend a private school has given our family hope in a brighter future for our children to live and thrive. There is a weight lifted off our shoulders since finances are not the first issue at hand in this situation.”
CALL TO ACTION Make a donation Practice the pitch --- Be comfortable explaining to someone else Talk about the opportunity to those in your circle of influence (tools: brochures, website, video)
Insert School donor video on this page (if they have one)
QUESTIONS? INSERT SCHOOL NAME