February 12, 2015
The time to fund education that spikes achievement, remedies poor results, and prevents bullying is now—businesses, too, benefit
New Hampshire Education Tax Credits for businesses are available until June 15, 2015. Applications and contributions directly to NEO can be done here www.networkforeducation.org.
Businesses should apply for the Education Tax Credit by June 15th to drive down the costs of education for the state while helping needy students. Education Tax Credits are awarded to businesses January through June 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.
More than 100 corporations and individuals contributed to NEO in 2014 and 1,500-plus children have applied for scholarships, demonstrating that tuition scholarships are sorely needed among New Hampshire’s students.
A robust 80 percent of NEO scholarship recipients funded by contributions from businesses through the education tax credit and private, tax-deductible contributions had a household income that qualifies them for the federal Free and Reduced-Lunch program.
Strategic business investment in the education of students via New Hampshire’s Education Tax Credit Scholarships increases student achievement, reduces inequalities, solves victimization caused by bullying, and contributes to workforce competitiveness by producing well-educated workers and leaders.
“Every child deserves a quality education no matter where in New Hampshire those students live, what the students look like, or what language their family speaks inside the home. Quality takes many forms and our communication with families seeking financial assistance tells us better educational settings and outcomes are there, but unfortunately they are out of reach for many students. Our experience has revealed that a solution is found at the intersection of businesses’ generosity toward the communities they serve, and businesses’ commonsense interest in driving down costs,” said NEO Executive Director Kate Baker.
Businesses can receive an 85% education tax credit for contributions to the Network for Educational Opportunity, which provides students in homes of modest means with scholarships for tuition at private school or for homeschooling expenses. Students trapped in educational settings where their academic potential is untapped and where disciplinary problems exists are condemned to remain there unless nonprofits like NEO develop individualized solutions. Currently the availability of public education – irrespective of students’ highly individual potential or challenges – is based largely on what ZIP code they live in. This cements longstanding inequalities and amplifies injustices based on income lines and other “community characteristics,” according to Ms. Baker.
“Businesses that care deeply about New Hampshire students and that monitor their bottom line can empower low-income families to choose a school that is a great fit for their children, but they must do it now,” said Ms. Baker.
“2015 Education Tax Credits are available and businesses must apply by June 15,” Baker said. All businesses that would owe business profits tax and/or business enterprise tax in New Hampshire are eligible to contribute to scholarships and apply for the education tax credit.