Give and You Shall Receive…Tax Credits
Great news for corporate donors: the cap on the 2014-2015 Florida Tax Credit Scholarship Program’s (FTC) tax credits will increase to $357,812,500.The FTC scholarship program uses donations to allow parents to educate their elementary and high school children as they see fit, enabling them to select a pre-approved private school if they’re dissatisfied with their neighborhood public school.The program is funded mostly by corporate donors, who may apply for a credit against corporate taxes for any monetary contributions made. After the initial donation, the law provides corporations with a dollar-for-dollar credit for their voluntary contributions to nonprofit scholarship funding organizations, such as Step Up for Students. The tax credit can be used to offset certain taxes, including sales and use tax, corporate income tax, severance tax, and insurance tax.The FTC scholarship program tax credit cap increase is good news for both philanthropic companies and the scholarship recipients.Patrick & Robinson CPAs assists individuals, as well as nonprofit and for profit organizations with their tax, accounting, and business advisory needs. If we can help you, contact us at Office@CPAsite.com or 904-396-5400.
