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Tax Credits

Donations to TJF’s Scholarships for qualifying low to moderate income students at local Jewish day schools



Tidewater Jewish Foundation is an approved scholarship foundation through the Virginia Education Improvement  Scholarship Tax Credit (EISTC) program.

 

Donations to TJF’s Education Tax Credit Scholarship Fund will provide scholarships for qualifying low to moderate income students at local Jewish day schools.  Individual or business donors under the Program receive a tax credit equal to 65% of the donation.  

The minimum donation amount is $500. The maximum donation amount for individuals is $125,000 per tax year. There is no maximum limit for any business entity.

 

Local Jewish Day Schools
 
Individuals

Individuals can use the tax credits against their Virginia personal income tax liability (to include personal income taxes though pass-thorough entities such as S-Corporations, LLCs and Partnerships).

 
 
Businesses

Businesses can claim the Education Improvement Scholarships tax credits against:

  • Virginia Corporate Income Taxes

  • Virginia Bank Franchise Tax

  • Virginia Insurance Premiums License Tax

  • Virginia Public Service Corporations Tax

 
 
Tax Credit Liability

The amount of the tax credit 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 further tax savings, such that the net after-tax cost of the donation may approximate 25 cents on-the-dollar, or perhaps even less with a gift of appreciated marketable securities.   

As always, donors are encouraged to consult their tax advisors to determine their applicable tax savings.

 
 
Process for Obtaining Tax through TJF

  • Complete the interest form and a member of the TJF team will contact you to continue with the Preauthorization Process.

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  • Once approved, TJF will provide a Preauthorization Notice at which point the donation can be made to TJF.

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  • The Preauthorization Notice should be signed by the donor and returned with a check payable to the Tidewater Jewish Foundation (TJF) or with the information on planned securities to be donated to TJF within 180 days of the date of the Notice (after which the preauthorization request would need to be resubmitted). 

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  • ​After the donation has been made, TJF will send an acknowledgement of receipt of the gift and provide documentation of the donation to the VDOE. The VDOE will issue a tax credit certificate to be used in preparing and filing the tax return for the tax year of the donation (TJF can obtain and provide the certificate). 

TJF appreciates donors who support local Jewish education though the scholarships provided to qualifying students at local Jewish day schools funded with their donations.

 

CLICK HERE TO BEGIN THE PROCESS