This program allows eligible corporations to apply for a tax credit in exchange for making a comparable contribution to an SGO. Now, you’re probably thinking, that sounds too good to be true. But it’s NOT! This program is open to certain businesses with a projected corporate tax liability.
Every year, on July 1st, you are eligible to apply for a Rhode Island Corporate Income scholarship tax credit for the upcoming fiscal year. An application can be made for either a one or two year commitment. The one-year commitment is rewarded with a 75% corporate tax credit, and the two-year commitment with a generous 90% tax credit! Unbelievable!
If selected, you will be notified by the Division of Taxation with the award and amount. You will then be directed to send an equivalent donation to the SGO of your choice. How easy is that? And, to top it all off, Not only does your corporation receive a wonderful State tax credit, but depending on your tax status, your corporation might also be eligible to apply for a subsequent federal deduction.
Say your corporation has $10,000 in tax liability. You could apply for a two-year tax credit of $9,000 a year. Then, by submitting $10,000 to FACE of RI, your tax credit contribution could be used to educate two students in a Catholic elementary school, or help a family send their child to the Catholic high school of their choice. It is a win-win!
But if you’re still not convinced…
Students enrolled in Catholic schools have saved the taxpayers of Rhode Island just under 200 million in educational dollars each year. Rhode Island Catholic schools have a 99 % graduation rate with 97% going on to college.
Your corporate tax credit contribution will change a student’s life.
To apply, please click here to see how your business can help give RI children the gift of a Catholic School education!