A School Scholarship Tax Credit is now available for individuals or corporations who donate to scholarship-granting organizations (SGOs), per new legislation (Indiana Code 6-3.1-30.5and Indiana Code 20-51).
Qualified SGOs will receive funding for scholarships, which will come from private, charitable donations. Those donors (individuals or corporations) who have donated to an SGO approved by the Department of Education will then be eligible to take advantage of a 50 percent credit against their individual or corporation state-tax liability.
While there are no limits to how much a donor can contribute to a qualified SGO, the entire tax credit program cannot award more than $9.5 million in credits this fiscal year (July 1, 2016 – June 30, 2017). As you know, last fiscal year the credits ran out on February 9th, 2016. Although we have no idea how long the $9.5 million will last this year we would not be surprised to see the funds exhausted before January 2017.
To donate to our SGO, please click here. Make sure you select St. Louis de Montfort under the "select schools" box.
To learn more, contact Bob Stephanak in the accounting department. email@example.com