How do you provide a scholarship at NO COST to you? It’s easy!
What is Scholarships for Kids?
Scholarships for Kids serves as a state-approved Scholarship Granting Organization (SGO) under the Alabama Accountability Act. Scholarships for Kids provides low-income students with scholarships to attend qualifying schools like Lincoln Academy. Ninety-eight percent of Lincoln Academy students receive Scholarships for Kids scholarship. The Lincoln experience is more than just an education; each interaction has a lasting impact on a child’s life and will make a difference for generations to come.
You are getting a tax credit. By redirecting a portion of your tax liability to an SGO, you reduce the total amount of your AL tax bill by 50%.
● Taxpayers may redirect up to 50% of their AL tax liability for a 100% tax credit. ($50,000 max for individuals; no max for businesses)
● For example, an individual with $10,000 state income tax may redirect $5,000 to an SGO, receive a $5,000 state tax credit, and only owe the state $5,000.
● Thanks to new tax law regulations, if you are a business owner you may even profit from these contributions since you may deduct the contributions as a business expense and lower your federal tax liability.
Taxpayers estimate their Alabama income tax liability. If you overestimate and the amount redirected exceeds your liability, you may carry your credits forward up to 3 years.
Mail your check made payable to Scholarships for Kids to:
Scholarships for Kids
P.O. Box 10204
Birmingham, AL 35202
Enclose a note with your check specifying you were motivated by Lincoln Academy. Once verified, you will receive your tax credit receipt from the AL Dept. of Revenue in the mail.