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Virginia's Education Improvement Scholarship Tax Credit (EISTC) Program

It pays to invest in our students.

 

The Virginia Education Improvement Scholarships Tax Credits (EISTC) Program allows individual and business donors to receive a 65% Virginia tax credit + state and federal deductions for 35% of their charitable contribution when they itemize their taxes. 

Don't miss this tax benefit opportunity, enroll today! Contact our Director of Development, Robin Thomas, at 757-596-7247 or rthomas@peninsulacatholic.org.

Tax Credit Video

An investment in the Virginia Education Scholarships Tax Credit Program provides financial assistance to deserving students while enjoying tax relief.

What is the Virginia Education Improvement Scholarship Tax Credit (EISTC) Program?

  • Virginia’s EISTC program offers donors 65% of their donation returned to them in Virginia tax credits.
  • Donations to foundations approved by the Virginia Department of Education are distributed as scholarships for students from low-income families to attend accredited private schools.
  • Virginia budgets $25 million each year for this program, which continues until 2028.

How is the donation program different from a regular donation to Peninsula Catholic or a scholarship program?

  • Donors receive Virginia tax credits for 65% of the full value of the donation.
  • Donors who itemize ALSO receive federal and Virginia tax deductions for charitable contributions.
  • Both individuals and businesses are eligible.
  • Tax credits are awarded on a first-come, first-served basis, subject to Department of Education pre-authorization.
  • Donors should include a Letter of Intent requesting their scholarships to support students at Peninsula Catholic High School.

 

How do you get started?

 

What are the rules?

TO RECEIVE TAX CREDITS FOR AN EISTC DONATION:

  • May donate via cash, credit, or marketable securities.
  • Donors who itemize may claim deductions for 35% of the donation on state and federal taxes,  in addition to receiving the 65% Virginia tax credit.

DONATIONS MUST BE MADE TO APPROVED FOUNDATIONS.

  • Donations made directly to Peninsula Catholic do not qualify for tax credits.
  • Donors may not direct their funds to supporting a specific student.

Minimum donation for individuals: $500

Maximum annual donation for individuals and married couples: $125, 000

Maximum donation for businesses: None

 

Individual and business circumstances may vary. Please consult your tax professional.

 

What's a Tax Credit?

A tax credit allows you to subtract the amount of the credit from the total you owe the state in taxes.