Tax Credits

Friends, there are generous tax credits available if you support Park Place School.   Here's an idea of how they could work.  

If you give to Park Place School, you could receive Virginia Tax Credits for 65% of the gift, AND deduct the other 35%*

*If your income bracket qualifies you for this.  Coordinate with your tax expert.  

Two Helpful Programs

Of course, you can always deduct charitable contributions from both Federal and State income taxes.   In addition, there are two state programs that are particularly helpful:

NAP Tax Credits:  "NAP" stands for 'Neighborhood Assistance Program.'  It is a state program aimed at encouraging growth in particular communities.   On February 27th, 2022 we still have about $30,000 in NAP tax credits we can assign.  

Scholarship Assistance Program Credits:  You may have heard of "EISTCP," it is a program that allows schools serving unique student populations to offer scholarships.   

Both of these programs provide a 65% Tax Credit to qualified individuals.   The minimum donation to participate in these programs is $500.      

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Coordinating through the school first, you can  "buy" tax credits (you can receive up to 65% of the value of your donation over $500 off your Virginia Income Taxes).   We have two programs for this.  It is important that the school issue you the approval before you do it, so call us.  

 

Email or call Jennifer Whittington at jwhittington@parkplaceschool.org

(757-624-3473)

How it could work for you...

AND, if you receive a tax credit for the first 65% you can ALSO deduct the remaining 35% from your Virginia Income Taxes.  This is very helpful for tax payers with significant incomes.   

An example...   

To sponsor 1 student with a scholarship of $5,800 costs as little as $2,030 after your tax credit!  And – the gift can be made over a period of 1 year.  A gift of $50,000 receives a return of more than $32,500 in tax credits (costing only about $17,500)* – and covers a teacher’s salary and curriculum costs for one classroom for the year!

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Of course, you don't have to give $5,800, that's just an example. You can donate anything over $500 to qualify for this credit.

If you are interested...

Call or email our school office (757-624-3473) and ask to arrange for "NAP Tax Credits."   

People who can help you:

 

Jennifer Whittington

jwhittington@parkplaceschool.org

Don Robison

drobison@parkplaceschool.org

   

*Your actual credit/net costs will depend on your tax bracket and tax liability. Talk with your financial advisor to determine your best options.  Or call the school if you have general questions regarding how it works and how easy it is to give this way!  And, the 35% of your gift that isn't covered by the tax credit still qualifies as a charitable donation. 

 

**NAP Tax Credits:  "NAP" stands for 'Neighborhood Assistance Program.'  It is a state program aimed at encouraging growth in particular communities.   On February 27th, 2022 we still have about $30,000 in NAP tax credits we can assign.  

***Scholarship Assistance Program Credits:  You may have heard of "EISTCP," it is a program that allows schools serving unique student populations to offer scholarships.   

Both of these programs provide a 65% Tax Credit to qualified individuals.   The minimum donation to participate in these programs is $500.