Education Tax Credits


As of January 1, 2016, the scholarship program will become part of Children's Scholarship Fund (CSF), a national scholarship organization. Kate Baker, Executive Director, and Kathy Rago, Program Manager, will still be managing the New Hampshire program.
 
For Education Tax Credit information .. Click here
 
 
 
 
How Does the Tax Credit Work?
 
A business donating $25,000 could be eligible for an estimated tax benefit of $23,944.
 
You can receive a substantial tax credit 85% against BPT and/or BET, for contributing to New Hampshire Bridge Scholarships. Businesses 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.
 
Education Tax Credit Applications can be submitted to the NH Department of Revenue between January 1, 2016 and June 15, 2016.
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. Apply for the Education Tax Credit by June 15th. (ED-02 Application)
Mail the original of application to NH Department of Revenue (address also on form) by June 15th.
 
NHDRA 
EDUCATION TAX CREDIT
PO BOX 457
CONCORD NH 03302-0457
 
For a $10,000 donation (amount on line 6.1 & line 7 of application) the tax credit is $8,500 (line 8 of application)
For a $5000 donation the tax credit is $4,250
 
Step 2. Receive written approval via mail from NH Department of Revenue.
 
Step 3. Send contribution (amount on line 7 of ED-02 application) by July 15th to:
 
Network for Educational Opportunity (NEO)
8 North Main St., Suite 8,
Concord, NH 03301
 
Step 4. The entire contribution amount is federally tax deducible. We send a donation receipt upon receipt of your check.
 
Step 5. We assist low income children with scholarships and then send you the EducationTax Credit Scholarship Receipt (ED-04) by December 1.
(to be included with your NH State Tax Return to use your tax credit).
 
We look forward to partnering this year and for many many years to come to reduce the achievement gap and get NH children the education they need.
 

What Businesses Are Eligible?

 
All businesses that would owe business profits tax and/or business enterprise tax in New Hampshire are eligible to participate.
 
 
 

How will a Contribution to a NH Scholarship Organization benefit my Business?

 
See how your own numbers add up

 

  No Contribution 85% Tax Credit
Net Income Before Contribution    
Scholarship Organization Contribution    
Adjusted Federal Taxable Income    
Business Profits Tax @ 8.5%    
Federal Taxable Income After BPT    
NH Tax Savings (After Deduction for Contribution)    
85% Education Tax Credit    
NH Tax Savings Total    
Federal Taxable Income    
Federal Tax @ 35%    
Federal Tax Savings    
NH Tax Savings Total    
Total Tax Savings    
Annual Cash To Contribute    
(Scholarship Organization Contribution-Annual Cash to Contribute)/Scholarship Organization Contribution    
 
This is a simplified simulation for illustration purposes. Contributors are responsible for consulting with their own tax advisors to determine the impact tax credits on their finances.