STEPS – Scholarship Tax Credit

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.

Click here for information and an application.

For more information contact:
Vernell Clouden