Double Your Impact
WE HAVE EXCITING NEWS!
Governor Ivey has signed SB 261 which allows Alabama taxpayers to now contribute 100% of their state tax liability (capped at $100,000). C corporations can now give 100% of their tax liability with no cap in place.
The Alabama Accountability Act and Scholarships for Kids
The Alabama Accountability Act and Scholarships for Kids authorize donation-funded scholarships that enable low-income students, often zoned for failing schools, to attend qualified private schools. These scholarships are granted by specially created Scholarship Granting Organizations (SGOs) for the sole purpose of taking private donations and awarding them to low-income students in schools that have qualified to receive funds. Cornerstone receives funding from Scholarships for Kids, a state-approved Scholarship Granting Organization under the Alabama Accountability Act of 2013.
The Alabama Accountability Act currently establishes an annual $40 million statewide limit on the tax credits. The credits are awarded on a first-come, first-served basis, and may be carried forward for 3 years.
Over 85% of Cornerstone students are zoned for failing schools. Through this program, over 440 students, who would not otherwise have school choice, are given scholarships to attend Cornerstone and receive an excellent education.
Individual taxpayers 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 may receive a dollar-for-dollar credit of up to 100% of their state tax liability, and there is no maximum.
Pass-Through Entities may even be able to deduct the contributions as a business expense and generate a state tax credit for their owners.
In all cases, please consult your accountant or tax advisor.
If you have questions or need assistance,
please contact Ann Perry via email or 205-769-0048.
Scholarships for Kids
Scholarships for Kids is a Birmingham-based Scholarship Granting Organization that works with Cornerstone Schools to make Cornerstone a feasible option for any family seeking quality private education in a Christian environment.
If you are curious about Scholarships for Kids or other ways to become involved with Cornerstone Schools, click one of the links below. For additional information or if you need help making your donation, please contact Ann Perry via email or 205-769-0048.