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Mooresville Christian Academy Fund at Sagamore – Tax Credit Opportunity

 

Each year the state of Indiana sets aside a limited number of credits for education that can be used for tuition grants.

 

A School Scholarship Tax Credit is available for individuals or corporations who donate funds, stocks, or in-kind gifts to a scholarship-granting organization (SGOs). Sagamore Institute is the scholarship granting organization that processes grant funds for MCA. Your gift to Mooresville Christian Fund at Sagamore Institute provides scholarships for low to middle income students who attend MCA.

 

MCA receives funding for scholarships, which will come from private, charitable donations. Those donors (individuals or corporations) who have donated to an SGO (scholarship granting organization) approved by the Department of Education will then be eligible to take advantage of a 50% credit against their individual or corporation state-tax liability. There are no limits to how much a donor can contribute to a qualified SGO, though the entire tax credit program cannot award more than $12.5 million in credits this fiscal year (July 1, 2017 to June 30, 2018). Once the $12.5 million is reached in donations, there are no longer tax credits available for that fiscal year. More information about the tax credit limit can be found on the Indiana Department of Education’s website. When you give, you receive a 50% state tax credit on your donation amount. In addition, your donation is eligible for a federal deduction if you itemize. You can zero-out your Indiana State Income tax liability while providing a great education to eligible students.

 

A gift of $2500 could generate the following estimated return to a donor:

 

  1. Indiana State Income Tax Credit of $1,250
  2. Federal Income Tax Deduction of $2,500, saving someone in the 25% tax bracket another $313 in Federal Taxes

For a total estimated return of $1,563 back to the donor. In this example, a $2,500 gift costs the donor only $937 while providing $2,500 in tuition scholarships!

 

* Please consult a tax professional about your individual situation. Federal tax estimates assume cash donations, itemizing deductions, and less state taxes paid due to state tax credit. Amount varies according to tax bracket of donor.

 

Donations are accepted online, by mail, or in person using a variety of payment methods. For more information about SGOs or how to give, please go to www.scholarshipsforeducationchoice.com/mooresville.