If your business pays taxes in Rhode Island, Sophia Academy students could reap the benefits.
By participating in the state’s Corporate Scholarship Tax Credit, your business can help low-income families afford an independent school education for their children. This program is administered by the Rhode Island Department of Taxation.
The process is simple: fill out a form, and check the box for the qualified scholarship organization called: Scholarships to Economically Poor Students (STEPS).
The funding received through STEPS supports Sophia Academy, along with Community Preparatory School, San Miguel School, and Grace School (part of Meeting Street).
C-Corps, S-Corps, LLPs, and LLCs can qualify for up to a 90 percent state tax credit on donations made to scholarship granting organizations. The application process is easy, and tax credits can be as large as $100,000.
Participating companies have included Bank of America, Citizens Bank, CVS, and FM Global, among many others.
Sophia has awarded almost $1 million since 2008 in scholarship funds to bright and talented students thanks to our generous STEPS business donors.
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