How to Make a Scholarship Donation to CSF & Claim Your Education Tax Credit
Businesses donating to CSF to fund scholarships for low- and middle-income K-12 children in New Hampshire can receive an 85% Education Tax Credit from the State of New Hampshire against business profits tax (BPT) and/or business enterprise tax (BET), as well as a federal tax deduction, for a total of about a 90% tax benefit. For example, a business donating $25,000 to CSF could be eligible for a total estimated tax benefit of $23,944.
Education Tax Credit Applications can be submitted to the NH Department of Revenue between January 1, 2017 and June 15, 2017, and are processed on a first-come, first-served basis until the cap in credits is reached. Therefore, businesses are encouraged to submit the Education Tax Credit Application early in the year and we are happy to assist you. Click here to contact us.
Step 1. Determine your eligibility and contribution amount
Estimate your New Hampshire BPT and/or BET liability for 2017. Determine the amount of this liability you would like to contribute to CSF.
Step 2. Apply
Mail your completed Education Tax Credit Application (Form ED-02) between January 1st and June 15th to the New Hampshire Department of Revenue Administration at:
NHDRA Education Tax Credit
P.O. Box 457
Concord, NH 03302-0457
Step 3. Once approved, send contribution to CSF
Approximately 2-3 weeks after applying, you should receive written approval via mail from the Department of Revenue Administration. Within 60 days of receiving your approval and no later than July 15th, send your contribution (amount on line 7 of ED-02 application) to:
Children’s Scholarship Fund New Hampshire
89 South Street
Concord, NH 03301
Note: If you are not eligible for an Education Tax Credit, you can still contribute to the Children’s Scholarship Fund (a 501c3 nonprofit) by making a federally tax-deductible charitable contribution.
Step 4. Receive your tax credit
Once CSF uses your contribution to assist low-income children with scholarships, we will send you the Education Tax Credit Scholarship Receipt (ED-04) by December 1st, which you must include with your New Hampshire State Tax Return to receive your tax credit.
We look forward to partnering this year and for many many years to come to reduce the achievement gap and help New Hampshire children get the education they need.
What Businesses Are Eligible?
Any business that pays BPT and/or BET in New Hampshire is eligible to apply for Education Tax Credits. If you are interested in making a donation through your business and receiving an Education Tax Credit, please contact CSF Executive Director Kate Baker at firstname.lastname@example.org or (603) 785-0174.