Virginia Income Tax Credits

a win-win for donors and students

Donors to Imago Dei may be eligible for two Virginia programs that offer credits on Virginia state taxes in exchange for qualifying donations:

• Neighborhood Assistance Program (NAP) – for donations to nonprofits serving low income individuals, and the

• Education Improvement Scholarship Program (EIS) – for donations toward scholarships for low-income students attending independent schools in Virginia.

With a gift for tax credits, which are valued at 65% of the donation, donors and businesses are able to support meaningful school options for low-income families while also realizing significant tax savings.

Some donors use the tax benefit to multiply their annual giving. Others use these programs to redirect their state tax liability to Imago Dei. Depending on individual tax situations, these programs can return up to 84% of the value of a cash gift in tax savings, and potentially up to 100% of the value of a stock gift, depending on cost basis. 

Highlights:

• To qualify for credits, donations must be at least $500 per year. The maximum permitted donation through this program is $125,000 per year per individual. There is no limit on donations from businesses.

• Donations of cash, marketable securities, and retirement account distributions are allowable; gifts from donor advised funds do not qualify for tax credits.

• Tax credits may be carried over for five succeeding years.

For more information, please contact Sara Kennedy at skennedy@imagodeirichmond.org. She will be delighted to guide you through each step of the process.

Click here for a printable guide to tax credits, including helpful examples!

Imago Dei Neighborhood School is not qualified to offer personal tax advice. Please consult a tax professional if you have questions regarding your specific tax situation.

PARTNER HIGHLIGHT:

wheless family stewardship fund

Imago Dei Neighborhood School opened for classes in September 2021, but the work of planting the school began years before. One of our key strategic partners was the Wheless Family Stewardship Fund, who gave generously of their time, talent, and expertise to ensure that the school’s operating budget would serve our mission well. In addition, the WFSF provided the seed funding that made it possible to hire our first team of teachers, and to invite families of limited resources to consider an Imago Dei education.

Together, we are working toward shared goals: safe, stable and nurturing families, meaningful work and education, community interactions that lead to mutually beneficial outcomes, and the spiritual formation that gives life meaning.