Frequently Asked Questions

A tax credit allows you to subtract the amount of the credit – dollar for dollar – from the total amount you owe the state in taxes, not from taxable income.  You do not need to itemize to use tax credits!

Any individual or business entity may receive a tax credit for eligible gifts.

Eligible gifts include checks or marketable securities/stock.  Charitable distributions from IRAs are accepted, however these are subject to a limit on the tax credit amount.  Please consult your tax advisor for guidance on your own specific circumstance.  

In order to receive a tax credit donors must contribute a minimum of $500. For individuals, including married couples, eligible maximum donation is $125,000 per person per tax year. Therefore, the maximum tax credit of an individual’s donation is $81,250 (65% of $125,000). Business entities, including sole proprietorships, have no gift limits.

In order to qualify for a tax credit, benefactors must request a preauthorization for their gift prior to making it.  Benefactors can submit their preauthorization request form directly for approval.  The preauthorization is valid for 180 days. Gifts made without preauthorization will not be eligible for the tax credit. The Preauthorization Request Form is located here on our website.

The Preauthorization form is available here.

Yes, please contact our office directly at 703-778-8600 for a stock donation form and specific instructions prior to making your donation. 

No, this tax credit program does not permit funds to be earmarked to a particular school.

Students must be Virginia residents entering K or 1st Grade, or transferring from public school and financially qualify annually under the specified poverty guidelines.  More information on this can be found through the Office of Catholic Schools www.arlingtondiocese.org/Catholic-Schools/Diocesan-Scholarship-Foundation/