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The AL Accountability Act & Scholarships for Kids
Scholarships for Kids uses a portion of your tax liability to provide tuition assistance to students who demonstrate a financial need. You’re not just giving a scholarship, you're getting a tax credit. By redirecting a portion of your tax liability to Scholarships for Kids, you reduce the total amount of your tax bill by 100%. You have an opportunity to give a child access to an education they could not otherwise receive at no cost to you. So the question isn’t “why,” but rather, “why not?”
Make an Impact
Individual Taxpayers
Individuals who donate to Scholarships for Kids may receive a dollar-for-dollar credit of up to 100% of their state tax liability, not to exceed $100,000.
“C” Corporations
Corporations may receive a dollar-for-dollar credit of up to 100% of their state tax liability, and there is no maximum.
Pass-Through Entities
PTE’s characterize a charitable donation to S4K as a business expense, therefore reducing their taxable income at the entity level, and the individual owners of PTEs receive state and local tax (“SALT”) credits. The SALT credit generated by the business’s donation can be applied to the individual’s state tax liability, providing possible relief from the federal cap of $10,000 on the SALT deduction.
Please consult your accountant or tax advisor for assistance.
If you have questions or need immediate assistance, contact our Development staff at (256) 701-4303.