Virginia Education Improvement Scholarship Tax Credit Program
Virginia provides a state tax credit for persons or businesses that make a monetary donation to an approved scholarship foundation that provides scholarships to eligible lower income or disabled students for qualified educational expenses incurred in attending eligible nonpublic schools. ACSI (Association of Christian Schools International) has a qualified scholarship foundation program and Williamsburg Christian Academy is a member of ACSI. Thus a donation to ACSI can be directed to WCA for the scholarship program and qualify for the Virginia tax credit.
For individuals, the credit is limited to a contribution of $125,000 per year. For businesses, the credit is not limited. The credit is 65% of the contribution amount.
Depending on your other income, your itemized deductions may be limited, but following is an example of the cost.
Donate $50,000 $100,000
VA Credit $32,500 $ 65,000
Federal Tax Savings $16,500 $ 33,000
Virginia Tax Savings $ 2,875 $ 5,750
Total Tax Savings $51,875 $103,750
In summary, you are still out the cash, but it goes to Williamsburg Christian Academy instead of the government. Please note, itemized deductions may be limited based on your overall income, so the exact numbers may not be represented but are used for illustration purposes.
Pre-authorization with the Virginia Department of Education is required and can be requested using the form below.
Download and Print Donor Preauthorization Form for Virginia Department of Education (fillable word document)
Once you receive your approved preauthorization form back from the state, please make sure Part I is completed and mail it with your donation (made payable to ACSI) to:
Mrs. Mame McMillan
P.O. Box 1537
Snellville, GA 30078-1537
For further information/instructions from ACSI, please click here.
Thank you for your thoughtful and prayerful consideration of this opportunity and for your ongoing support of the WCA school ministry.