Qualified Donors Receive a 65% Virginia Tax Credit

 
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GRASP EISP provides scholarships for students from families of limited resources to attend private schools which may better suit their needs.  Supporters of these students through the GRASP Education Improvement Scholarship Program (EISP) make this possible for children in need and donors also realize significant tax savings as a result.  GRASP EISP is a program of the GReat Aspirations Scholarship Program, Inc., a 501(c)3 non-profit organization founded in 1983.

Individuals and businesses who contribute to GRASP EISP, and who pay taxes in the Commonwealth of Virginia, are eligible to receive a 65% state tax credit against Virginia taxes, as part of the Virginia Education Improvement Scholarships Tax Credits Program.  The 65% tax credit is in addition to a possible federal and state charitable deduction. Please consult with your tax professional to model additional tax savings.

 
 

Limitations

For individuals, the minimum value of any monetary or marketable securities donation eligible for a tax credit is $500 in a taxable year, and the maximum value of monetary or marketable securities donations eligible for tax credits is the first $125,000 in the value of donations made in a taxable year. These limitations on the minimum and maximum values of donations eligible for tax credits in a taxable year do not apply to donations made by any business entity, including a sole proprietorship.

Details and Additional Benefits:

  • Credit is non-transferable.

  • Credit may not exceed the tax liability but may be carried over for five succeeding years.

  • Businesses can claim the credit against Corporate Income Taxes, Virginia Bank Franchise Tax, Virginia Insurance Premiums License Tax, Virginia Public Service Corporations Tax, Personal Income Taxes via pass-through from S-Corporations.

  • Individuals can claim the credit against Personal Income Taxes.

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