Jim McGuinness is Scecina's Director of Development and Alumni Relations.
By Beth Murphy
Only $4,613,904 credits remain out of the $12.5 million. Last year, credits ran out by December 19. You can click here to check how many tax credits remain each day.
You can make a gift online by going to the Institute for Quality Education (IQE). Be sure to select Scecina Memorial High School from the pulldown menu.
A special state tax credit program in Indiana helps more parents send their children to Scecina and other private schools, while also benefiting the donors who provide the scholarships. In 2009, Indiana passed legislation to create the School Scholarship Tax Credit program. This program rewards the donors with a 50 percent state income tax credit for their donations.
Jim McGuinness, Scecina’s director of development and alumni relations, explains how the program benefits both students and donors.
“This relatively new Indiana School Scholarship Tax Credit is a huge opportunity for individuals, families and businesses to help students attend Scecina, who might not otherwise be able to do so,” McGuinness said.
“Until a few years ago if an individual, couple or business wanted to make a gift to Scecina for a student’s tuition assistance needs, the only tax advantage was a tax deduction on your federal income tax. No state tax credit was available,” McGuinness said. “Now, with the SSTC, a donor -- individual or business -- can make a donation and receive the same federal deduction, plus receive an Indiana State Tax Credit for 50 percent of the gift.”
McGuinness used the following example of a $1,000 gift to Scecina:
If you make a $1,000 gift for an SSTC designated for a student enrolled at Scecina, you receive a $500 credit from the State of Indiana, plus your normal federal deduction. The bottom line is, your gift would actually cost you approximately $360. If you currently are giving to Scecina, you can double your gift and it will actually cost you the same after your tax credit.
“If you made a gift of $1,000 last year to Scecina, after your federal tax credit, you likely paid $720 out of pocket,” McGuinness said. “Now, with the new Indiana SSTC, you could actually double your gift and it could cost you the same.”
The School Scholarship Tax Credit program sometimes is confused with Indiana’s voucher program, formally named the Indiana Choice Scholarship program. But these are two different programs.
If you have questions about the School Scholarship Tax Credit program, you can contact McGuinness at email@example.com or 317.352.3227. You also can learn more by visiting Scecina’s website at www.scecina.org/sstc.
Posted on Sun, November 19, 2017
by Beth Murphy