Bring the future within reach

Virginia Income Tax Credits

At a glance:

• Minimum/maximum annual donation for individuals: $500/$125,000

• Minimum/maximum annual donation for businesses: $616/unlimited

• Eligible donations: cash, marketable securities, and retirement account distributions

• Ineligible donations: gifts from donor-advised funds or foundations

• Tax credits may be carried over for five succeeding years

Please consult your tax professional or financial advisor to evaluate how these programs can impact your individual tax situation.

Take advantage of two Virginia programs that allow you to receive credits on your state taxes in exchange for qualifying donations to Rise Academy:

The Neighborhood Assistance Program for Education (NAP) program is a benefit offered by the Virginia Department of Education that allows individuals or businesses to receive state tax credits. Rise offers donors a 65% credit on donations of $500 or more for individuals, and $616 or more for businesses. 

Example: 

1. You donate $1,000 to Rise Academy, requesting
   NAP credits when you do.

2. We acknowledge your contribution and provide you
   with a simple form to sign.

3. You sign the form and we submit it to VDOE.

4. Upon approval by VDOE, we provide you with a
   tax credit certificate for 65% of your donation. 

5. When you file your taxes, not only can you deduct the $1,000 contribution, you can also receive a credit for $650 using the certificate we provide. 

The Education Improvement Scholarships Tax Credits (EISTC) program is similar to NAP. Enacted in 2012, it allows individuals and businesses to donate to approved scholarship foundations to help low-income Virginia students attend private or non-public pre-K schools.
In return, donors receive a 65% Virginia state tax credit on their donation. The same math applies. The only difference is there is paperwork to complete before you make your contribution.