Tax Credits Program

A smart investment for Roanoke Catholic … and you!

MaderasHow can you provide $1,000 for a Roanoke Catholic family in need of tuition assistance and save up to $988 on your tax bill?Welcome to Virginia’s new Education Improvement Scholarships Tax Credits (EISTC) program.

For more information, contact Debbie Stump, Director of Major Gifts and Education Tax Credits, 540.982.3532, x2110.

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.

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).

Read this testimonial from a local financial advisor.

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

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 Roanoke Catholic School.

Get started by downloading these two documents and mailing to the Diocese of Richmond: 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 Brochure.Apple Tree

Please email Debbie Stump today or call 540-982-3532, x2110 for more information about this incredible opportunity to help more children in your community afford a Roanoke Catholic School education.

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