Projo Biz Blog

The Rhode Island Division of Taxation is accepting business donation applications for the Rhode Island Corporate Scholarship Tax Credit Program for state fiscal years 2009 and 2010.

C-Corporations, S-Corporations, LLCs and LLPs can get a 75% tax credit for a one year commitment, and 90% for a two-year commitment, for a charitable donation to one of four scholarship granting organizations representing 60 K-12 private and parochial schools throughout the state. Businesses can receive a maximum tax credit of $100,000 per year. The program is capped at $1 million, and is available on a first-come, first-serve basis.

Under the Rhode Island Corporate Scholarship Tax Credit Program, which was approved by the General Assembly in 2006 and went into effect in 2007, any family with a household income of 250% or less of the federal poverty level -- approximately $53,000 for a family of four -- is eligible to apply for tuition assistance at one of the participating schools.

For more information, go to www.rischolarshipalliance.org, or call (401) 831-7472.
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