Indiana State Tax Credit

SAVE MONEY ON YOUR TAXES!!

Support Our Lady of Grace Catholic School, receive large tax benefits. Who wouldn't want to pay fewer taxes? The Indiana Tax Credit Scholarship program is an innovative program that allows donors to support private education and receive a 50% Indiana State tax credit.
This program is administered through state-certified Scholarship Granting Organizations (SGO's). Our Lady of Grace Catholic School is proud to have partnered with the Institute for Quality Education for our SGO. Giving a gift through the SGO provides needs-based financial assistance to students of Our Lady of Grace, thus giving those in financial need the opportunity to experience an Our Lady of Grace education.
So, how does this work? As a donor, you give a gift to the Institute for Quality Education, designating Our Lady of Grace as the beneficiary. Doing this qualifies you for a 50% state tax credit as well as a federal deduction. Here are some examples of how this can affect you:

AMOUNT DONATED TO SGO	INDIANA STATE TAX CREDIT	FEDERAL DEDUCTION (assuming 30% tax bracket)*	ESTIMATED TAX SAVINGS	ESTIMATED ACTUAL COST OF DONATION
500	250	150	400	100
1,000	500	300	800	200
5,000	2,500	1,500	4,000	1,000
10,000	5,000	3,000	8,000	2,000
50,000	25,000	15,000	40,000	10,000
100,000	50,000	30,000	80,000	20,000

*Please consult your tax advisor for your specific situation. This is for illustration purposes only. Your gift to an SGO is tax deductible to the full extent of the federal charitable tax laws.

Here?s how to make your gift, and give students in financial need the opportunity to attend Our Lady of Grace:

• To make a gift by cash or check, please print off the following form and include, by mail, with your contribution: http://www.choicedtrust.org/donor-form.pdf
• To make a gift by credit card, please Click Here after donating online, in order to receive your state tax credit, you must then fill out this form http://www.choicetrust.org/donor-form.pdf and mail or fax to Choice Trust
• To make a gift of stock, please contact the Institute for Quality Education at 317-951-8781.

If you have any questions, please contact Marsha Nystrom in the Accounting Office at (317) 773-4275 x232 or email [email protected].

For more information from OLG and the Indiana State Department of Education, click here.